What resolution do you use exactly?
I can play Quake3 at 1024x768@32bits at high quality preset without any problem on my Mac mini with 32MB vram (demo four runs between 40 and 120fps depending on places).
In background i also had 2 1280x1024@32 screens (one for ambient and one for OWB). But it doesn't matter, since the memory management is per-screen.
[EDIT] But indeed, with texture details at max, it consumes quite more video ram, and it's too much.