Can't update since years preparing for a new blog

I’m stuck on WordPress version 3.0.4. since years with southseascave.com. (1and1 Home Linux hosting). I could never update to a newer WP due to the “fatal error, out of memory deal” and other errors. Yes, I tried define('WP_MEMORY_LIMIT', '64M' );, turning off plugins, etc. This blog has just 6 posts, but 100’s of its images are deep-linked from other places I contribute to on the Net.

So now that I’m preparing to start a second blog with a new domain on the same hosting package, what’s the least aggravating way to get the new blog going and the old blog unstuck? I see on 1and1’s control panel under MySQL that I’m running 1 database (WordPress on MySQL 5.1) but I could have 49 more…