Psycholinguistic studies suggest a model of human language processing that

1) performs incremental interpretation of spoken utterances or written text,

2) preserves ambiguity by maintaining competing analyses in parallel, and

3) operates within a severely constrained short-term memory store --- possibly constrained to as few as four distinct elements.

This paper describes a relatively simple model of language as a factored statistical time-series process that meets all three of the above desiderata; and presents corpus evidence that this model is sufficient to parse naturally occurring sentences using human-like bounds on memory.