To construct a 2M x 16 memory system using 512K x 8 static memory chips, a total of 8 chips is required. This is based on the understanding that 2M translates to 2048K, and since each 512K chip has a bus width of 8 bits, doubling the bus width to 16 bits necessitates using two chips for each bus access. Additionally, the performance of the system may be impacted by the speed of the older memory chips, and compatibility with the system BIOS should be verified. The operating system also plays a crucial role in memory capacity; for instance, 32-bit Windows has a memory limit of 4GB, while 64-bit versions like Windows 7 can support up to 32GB, making it essential to consider the OS when planning memory upgrades.