3DXchange is still a 32-bit application, so there is a limit to the size of the models. (Hopefully, 3DX 7 will be 64 bit.)
What you can try is to split the model up in smaller parts in SketchUp, and then convert each of the parts. I've had to do that was a model of a city.
Sometimes it also helps to a apply a patch to 3DXchange that it allows it to use more than than the standard 2 GB of RAM (which is a 32-bit OS restriction) and increases that to about 3.5 GB.
If interested, here is the patch:
http://www.ntcore.com/4gb_patch.php. Run the .exe; it lets you then select which application to patch. Navigate to where the 3DXchange .exe is located and apply. It will make a backup so you can always go back. I've used it successfully for years.