Maybe you need more phyical memory (RAM)?
Maybe your PF is fragmented?
Maybe you are using poorly/buggy coded software?
Maybe you are runnning to many apps?
Maybe you have a virus?
Do a virus scan first and remove if found.
The VM is used when you run out of RAM but your OS requires additional memory. But as the VM/PF is located on a HD it can become fragmented or sometimes you may have insufficient free space available on the HD. Unfortunately defragging w2k will not defrag the PF.
You can download a freeware W2K PF defragger here:
http://www.sysinternals.com/ntw2k/freeware/pagedefrag.shtml
Also a lot of users make a seperate partition for the PF in w2k to avoid problems. Your PF should be 1.5X your RAM, according to M$.
BUT it may not be the PF that is the problem, try doing a CAD and killing all unused services/apps. Also which services/apps are using all the mem?
Sometimes AV (Norton) or Firewalls (ZA, NIS etc) apps can be the cause of the problem. Remove and reinstall if these are the cause, or try other software after removing.
Try running fewer apps. Stop junk from loading into your sys tray, just keep AV and Firewalls in there if poss.
Configure your services.
Run Adaware and Spybot to clear out nasties.
Clean out your PC, empty the Recycle bin, defrag etc.
How much physical memory do you have?
Which software is causing the problem?