Page File Size
Page file size should be set to a minimum of 1.5x and a maximum of 3x the amount of system memory, as recommended by Microsoft*.
Please note that Windows does not automatically adjust the size of the page file after an increase in the amount of physical memory. In such cases, you should manually change the page file settings.
Page File Location
For maximum performance, set the page file on a separate physical hard drive so that Windows does not have to seek the hard drive between the page file and the application you are running. In fact, splitting the page file over as many different physical disks as possible is the best performance option.
Physically separating the page file to its own physical drive and partition will also prevent it from becoming fragmented and subsequently slowing down overall system performance.
For more information, please refer to Microsoft's guide to setting performance options in Windows XP.
This applies to: