While it's excellent advice to move the pagefile.sys from the system drive, it truly doesn't work.
If you do the following, reboot then use your system, be sure to Unhide system/protected files from view then look at the root of your system disk. Low and behold, you have a fresh new pagefile.sys now in ADDITION to the one you've put on a secondary drive.
The reason being- Windows 2003 and XP +SP1 and above REQUIRE a pagefile.sys on the main/system drive in case of a crash or blue-screen, and also for boots with a failed mounting of secondary drives/partitions.
So in essence, the good advice offerred here is just going to be superceded by Windows when it creates another pagefile.sys and throws it on your boot device/partition and uses it anyways. No matter what you do, you will have a big pagefile.sys, in use, on your system drive to worry about.