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Virtual Memory, Paging Files, pagefile.sys and other mysterious Windows configuration options relating to it's management of virtual memory.
Pagefile.sys is the "paging file" or system file that contains Windows Virtual memory. You can remove it - if you understand the ramifications.
The paging file and hibernation file can be turned off. Whether it affects the speed of your computer will depend on how heavily you use it.
Window's memory management is very complex. There are easier ways to help a sluggish computer than diagnosing memory usage.
The default setting for virtual memory are typically good enough for most. Tweaking virtual memory settings depends on your computer and what you do.
The page file is meant for use when the system runs out of RAM; reconfiguring it can be counter-productive if you have plenty of RAM available.
Virtual memory doesn't (or shouldn't) fill an entire hard drive. There are better ways to maximize performance.
Available Virtual Memory is controlled by a setting you can adjust. If you're constantly running low, you should look at what you're running.
Hiberfil.sys and pagefile.sys are two system files used by Windows to support two very important features: hibernation and virtual memory.
Virtual memory is conceptually somewhere between RAM and hard disk space; it's disk space used to maximize the amount of RAM available to programs.
If you've added a hard drive to your system you can move pagefile.sys to free up space on your original drive and speed up your system.
The paging file is used by Windows to manage situations where more memory is needed that is present. Not having one shouldn't impact speed.