Yea when you have multiprocessing turned on effectively a seperate instance of aftereffects is launched for each core when you render or ram preview – like having a render farm in one machine. I usually have multi processing turned off (8core mac pro, 9GB ram), because I find the delay when trying to preview is just too long (can take upto 10-15 seconds!) – also when coming out of the ram preview. I only turn on the option before big renders.
Another note, as tiger is NOT a 64bit OS, no single application can address more than 3GB of ram. Thats why when you launch aftereffects it says its using only 5% of 3GB, and not 5% of 8GB, it cannot see all of the 8GB – and theres nothing to be done about that until leopard comes out.