If you set the graphics driver to buffered Direct X first you should be able to push way more particles. I used buffered Direct X and could push 225,000 particles.
SetGraphicsDriver BufferedD3D7Max2DDriver()
This is on Dual 3.2Ghz Intel - ATI9700Pro 128MB
SetGraphicsDriver BufferedD3D7Max2DDriver()
This is on Dual 3.2Ghz Intel - ATI9700Pro 128MB