A MMF like that doesn't solve your problem. A program bombs on OOM because there isn't hole in the virtual memory space big enough to fit the allocation. You are still consuming VM address space with an MMF, as you can tell.
Using a small sliding view would be a workaround, but that isn't any different from writing to a file. Which is what an MMF does when you remap the view, it needs to flush the dirty pages to disk. Simply streaming to a FileStream is the proper workaround. That still uses RAM, the file system cache helps make writing fast. If you've got a gigabyte of RAM available, not hard to come by these days, then writing to a FileStream is just a memory-to-memory copy. Very fast, 5 gigabytes/sec and up. The file gets written in a lazy fashion in the background.
Trying too hard to keep data in memory is unproductive in Windows. Private data in memory is backed by the paging file and will be written to that file when Windows needs the RAM for other processes. And read back when you access it again. That's slow, the more memory you use, the worse it gets. Like any demand-paged virtual memory operating system, the distinction between disk and memory is a small one.