Bingle speaks the truth.
You don't want your hard drive thrashing to resize the page file in the midst of a heated battle. Put shackles on that pagefile: set it's min/max to the same size. You'll be amazed at the performance increase. A common rule of thumb is setting the pagefile to be 1.5X the ammount of ram you have. (Though I wouldn't go higher than 1gig in all cases. There is such a thing as overkill
For added speed, set the pagefile on a separate hard drive all together. I have a speedy 2gig hard drive (11000rpm!) used specifically for my page file.
Also, I don't recommend disabling the pagefile. There are cases where programmers explicitly use virtual memory rather than physical. For example, Doom3 does this because of the way their files are decompressed into memory.