If you are getting the following errors repeated in your Application Event Log
Event Type: Error
Event Source: Windows SharePoint Services 3
Event Category: Timer
Event ID: 6398
Time: 7:26:12 AM
The Execute method of job definition Microsoft.Office.Server.Administration.ApplicationServerAdministrationServiceJob (ID 33e027e7-b206-440c-8bde-3a98a74d5760) threw an exception. More information is included below.
Attempted to read or write protected memory. This is often an indication that other memory is corrupt.
NOTE: This is a MOSS 2007 w/SP1 and w/Infrastructure Update patched environment (x32)
This error is probably also followed by errors with Event ID: 6482 and 7076 and after searching the internet revealed a few things like a hotfix from Microsoft but since the only thing that I had changed before this was some account updates; I was not 100% convinced the hotfix would resolve my problem so I stayed focused on the permissions being the issue.
The other option I wanted to try was adding the SSP Service Account into the WSS_ADMIN_WPG group which I read during my internet travels. This permission change did the trick, I am no longer getting those errors in the event log.