I heard if you have 512MB or better, you can actually disable the Pagefile. However, some applications look for it, so you can set an 8MB pagefile. I have 1GB of RAM, two 7200RPM 80GB hard drives, and I have the pagefile on the second (not system) drive, min 256MB and max 512MB. Seems to work pretty good.
AMD Athlon64 3200+ S939
1024MB Dual Channel DDR400 Corsair XMS with LED activity indicators
256MB GeForce 6600 PCI-E by Chaintech
Aspire X-Navigator case with 500W PSU, 6x80mm fans, 1x120mm fan
Gigabyte nForce4/PCI-E S939 mobo
80GB 7200MB 8MB WD IDE HDD
16X DVD±R Dual Layer burner
Memory card read/writer
...and a Led Zeppelin sticker!