Hi Hari,
if you're running out of memory, then I guess that's caused by repeat sequences (LINEs, SINEs, etc.) You can avoid that by masking them (i.e. converting to lowercase) before alignment. There are various repeat-masking tools, e.g. WindowMasker.
Run duration: I guess less than a day if repeats are masked, else could be much longer.
For ancient duplications, you could try something like this:
lastdb -c -uMAM8 mygenome mygenome.fa
lastal -e40 -m100 -f0 mygenome mygenome.fa > out.tab
Compared to the recent-duplications recipe, this will use more memory, be slower, and produce huger output.
Have a nice day,
Martin