Curious enough I got myself  new laptop and here I am doing voice over and all work fine this first time. Next day I get back at it and try to import an audio track (MP3 Format) and Sonar is giving me Out of Memory message not allowing me to import my audio track.  Where should I start to check this is weird!

This has been discussed here a lot. It's not so much SONAR as Windows. The MP3 you're trying to import has additional data with it, like cover art etc. Search the forum and you'll find some info on the subject. Hope this helps.
 

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Here are a couple of forum threads that address this issue:
 
http://forum.cakewalk.com/MP3-Import-Problem-Out-Of-Memory-Error-SOLVED-m2143363.aspx
 
And
 
http://forum.cakewalk.com/MP3-Import-common-problem-m2705995.aspx
 
Hope that helps, 
 
Bob Bone
 

Just convert tit to a wave file and import it. You are able to import MP3's into Sonar, so this MP3 must have some sort of addition info inside somehow
 
CJ

This would be such a trivial check to add in the mp3 import code I can't believe it's not butter

I have experienced the similar problem when I tried to import a particular mp3 file into Sonar X2 64 it. Then I tried to import it into the 32 bit Sonar X2, no problem. So I save it in 32 bit and reopened it in 64 bit. I have forgotten about this until I read this thread. That weird but at there a get around to it. 

Download Audacity and use that to convert the file. This is one of the things that OpenSource does really well, is bits of kit for simple file-wide processing operations. Fast and simple. 

I just had this happen as well as a stereo track I was editing.  Converted the mp3 to wav and imported with no trouble.

CJaysMusic
Just convert tit to a wave file and import it. You are able to import MP3's into Sonar, so this MP3 must have some sort of addition info inside somehow
 
CJ

(In my best Butthead voice) Ahhhhhh Ha Ha CJ wrote tit