How big is your hard drive cache set? What kind of drive is it on? SSD or HDD? Also does it work as expected with RMFS turned off?
Here is what I think your problem is, your machine is starved for RAM - with dual hex CPUs that's 12 physical cores (or 24 virtual!!) chewing through RAM - I have a 3930K (single hex) and I had to upgrade to 64GB RAM to get decent preview length at full resolution in 1080p
couple things you can try:
- try lowering amount of RAM per core in MP settings (to 1 or 2 GB per)
- Try previewing at lower res (third or quarter)
- turn OFF hyperthreading on your CPUS in the BIOS OR limit AE to use 6 or 12 CPUS in MP settings
- buy more ram. Honestly I would suggest 128 GB minimum for your setup