From
3DSpotlight | Windows XP Memory Tweak guide:
Monitoring & calculating Pagefile size
Before you can set your Page File you’ll want to get an idea of what to actually set it too. Some recommend using a general formula, e.g. RAM x 2.5 (By default Windows XP sets uses RAM x 1.5). This is incorrect however. Using that formula, a person with 32MB RAM should set 64MB, while a person with 256MB RAM would set 512MB. Obviously the person with little RAM will need a greater amount of Virtual memory than the person with a lot of RAM. To find a more optimal Pagefile size you will need to monitor its usage. To do this you should first set a relatively high Pagefile size to get a good idea of what’s required. Right click on My Computer & select Properties, then the Advanced tab, followed by the Performance Settings button. Now select the Advanced tab then the Change button.
Use a Custom Pagefile setting & set a value of Initial size = Maximum size. A good value to consider using for the monitoring process would be 300, for 2 reasons – 1. It’s unlikely you’ll require a greater Pagefile than this. 2. It will be easier to calculate later on. Click Ok & restart your PC for the changes to take effect. In my case I used 200 as I felt I had a good deal of RAM installed (256MB DDR)