There is a limitation in the COFF file format - used by OBJ files: a section (code, data, ...) may contain a maximum of 65535 relocations. This is because the field that holds the count is only 16 bits. Relocations are places where an address must be filled in, but the address is unknown by the compiler, so it's passed on to the linker - usually for external functions and variables (like C runtime functions).
The good news is that Microsoft invented a hack to get around this, and be able to use a 32 bit value for the relocation count. I will try to add this to the next version.
Pelle