[ADMIN] Too many open files in system

[Toma Vailikit]

I run a pretty heavily visited web site and am using postgres aa the SQL
database on it. I'm beta testing some stuff and after a while Postgres dies
like a dog and I get the following entries in the log:

FATAL 1:  File '/usr/local/pgsql/data/PG_VERSION' does not exist or no read
permission.
postmaster: StreamConnection: accept: Too many open files in system

I can reproduce this by just blasting away at the refresh button on a
browser. Anyone have any ideas?