n is some value depending on the size of the input, so if you have a look up table that is O(n), then that memory needs to be initialized somehow. If you have a fixed size lookup table then it is O(1), even if it is big.

If your algorithm requires O(n) memory, any O(1) amount of memory can never be enough, no matter how huge. That's the entire point of O notation.

And if your implementation of an algorithm allocates more space in the big-oh sense than it can actually touch (eg. O(n) space for O(log n) time or whatever), that's just a wasteful implementation. Doesn't make the algorithm itself require more space than it has time to actually use.