Hi Sdados,
I think the problem may be the login process...there's no feedback that the login was successful.
It sounds like BlenderOctane & Octane Server are not communicating.
I doubt low vram is at fault...at least for me...my GTX580 has 1.5gb, and not having any
problems.
There should probably be a thread just for this problem since it's happened to several people.
BTW, did you use the key from your Otoy account? Just trying to rule out everything.
Keep trying...you'll get it to work.