I just bought myself an 8GB G.Skill stick of RAM too. The same thing is happening to me! I am getting a Kernal Panic when I try to use certain applications/software. I am running a 2011 iMac 21.5" with OSX10.6.8.
I haven't tried out all my software yet, But so far it has crashed once with Photoshopped after working for about 5 minutes (causing me to lose my work) and it crashes EVERY TIME upon opening uTorrent. I am a video editor and I mainly work for long hours in editing software, I haven't tested those out yet but I have a feeling they will crash too. I'm really pissed off about this! I bought the RAM for $75, thought it was a bargain! Guess you can't go for the cheap stuff!
I'm thinking instead I might buy Corsair RAM. Can anyone recommend Corsair?
I have a stick of Gskill in mine but its 1066Mhz you need to get that type of RAM and it has to be low density.