Ok, I will try this tomorrow when I am at work where I have SQL Server 2000 (only 2005 at home). Is it always around 125, or was that just that specific time? If it is always after opening that many connections it might be further information pointing to memory issues. Not that 125 is really many connections of course.

What are the specs for the server?

Have you ever encountered the error anywhere else than QA? What kind of clients/applications are you using with the server?