I have received this email twice saying it comes from AOL. I have deleted all my old sent/received & recently deleted emails & I have been able to send & receive emails should I just ignore it
Your mailbox has exceeded the storage limit is 1 GB, which is defined by the administrator, are running at 99.8 gigabytes, you can not send or receive new messages until you re-validate your mailbox.
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No it isn't SPAM. SPAM is also known as UCE (Unsolicited Commercial Email). What you have received is "phishing" message. It encourages you to click on a link where malicious software will be installed and/or a fake login page will steal your credentials.
If you are, and you are concerned, go to their website by typing in the known AOL address and not by clicking anything in some unsolicited e-mail nor using any address it mentions. That's always a risky thing to do.