If you've got plent of ram (in my experience at least a gigabyte, but preferably two) you can disable the paging file entirely, if you're running XP (win2k will create a temp pagefile at boot if you disable it >_<).
Go to system properties -> advanced tab -> performance <settings button> -> advanced tab -> virtual memory <change button> -> select "no paging file" and press <set button> for each partition that has a paging file. Then click all the OK buttons
, reboot, and you can delete pagefile.sys.