[RPD--Bush-LeagueCH0K3]

The pagefile is used when your memory is full, but don't forget that the pagefile also helps your system run more efficiently, when you have files running in memory that are not being used, they are paged to the page file and stored for later used freeing up memory for programs that are actually using/needing it.

I wouldn't disable it, windows xp does a decent job at managing virtual memory and doesn't use it unless it needs it.

It's up to you, some say that you will see some boost, maybe more so in gaming applications, but I just leave mine intact. One thing I recommend tho, is that you set it to a fixed size, I use 1024mb (Min: 1024, Max: 1024), this will prevent windows from "dynamically resizing" the page file, which would cause a slow down.

By all means though, try running some system tests with/without the pagefile, would be interesting to see how much, if any, gain you get.