Someone just reported a problem with "Too many open files" when running on Ubuntu 12.04, 32-bit.  This is only printed to the terminal, though, so it doesn't show up in any log files.  Its symptoms are all sorts of weird behavior on your system, outside of Armory.

He ran "cat /proc/sys/fs/file-max" and it returned a number around 700k.  On my 64-bit system it returns 3.2M.  I wouldn't expect that to be exhausted from our "little" blockchain database, but I guess it is (bitcoin-qt/bitcoind is also running a leveldb database, as well...).  I also found mention of systems with large databases running out of files.

The solution (still being tested)

(1) Reboot.  You're kind of hosed once you get to here
(2) Remove the database which probably go corrupted "rm -rf ~/.armory/databases"
(3) Increase the number of files:  "sudo sysctl -w fs.file-max=5000000"
(4) Restart Armory

If this works, you can make it permanent on reboot by appending the following line to /etc/sysctl.conf


Hopefully that helps.  Though it does concern me that this is even a problem...