I use SpringSource Tool Suite 3.0.1, Tomcat server 7.0.21, maven-2.2.1. I successfully built my web application, ran Tomcat server. The application successfully worked. Aft
For the OutOfMemory error make sure you have the following parameters set (and with a respectable value)
-Xmx1024m -XX:MaxPermSize=512m
EDIT:
512m and 1024m are just suggestions! You might need to tweek these settings to your hardware resources.
Usually you should start from somewhere around 128m and each time you get an OutOfMemory error try to double the amount allocated.
For e.g.:
you have 256m for MaxPermSize and you get OutOfMemory - the new threshold should be set at 512m
you have 512m for MaxPermSize and you get OutOfMemory - the new threshold should be set at 1G
More details about tuning JVM parameters can be found in the Java official documentation at Oracle.