I've kept the pagefile in a separate partition on my 2nd drive (first partition on drive - i.e. quicker) so it cant clog up the main drive. Every month or so, I disable the pagefile, reboot, format the drive (its only 1Gb) and then re-enable the pagefile and reboot again.
Seems to work well for me. I remember reading on another forum to disable the pagefile and reboot before defragging a one drive computer anyway... stops those damn greenies on the defrag display from getting in the way
Disabling hibernate mode is a good idea too as that is another greenie