From Sean's Windows 7 installation and optimization guide...
I wouldn't suggest turning it off completely with 4gb or under of ram.
Turn Off/Shrink Page file: Applies to SSDs/HDDs
If you shrink your page file most people recommend 512MB or 1024MB, the minimum for a dump file to be created is 400MB. I suggest that if you have 4GB of RAM or less or do heavy multitasking do not disable the page file just shrink it to a reasonable size because the rule of having page file set to 1.5x the amount of your RAM is outdated. Several programs use page file when enabled like VMWARE, some games, graphics software, MS office, etc. Windows 7 does use the page file if present and will only use it when it is efficient to do so. Page file is also read at boot to speed things up. Do not put the page file on a RAM disk, it is much better to have it on the SSD or HDD. (Why to have the page file on an SSD) (Why to not have page file on a RAM disk)
Open the Start Menu
Right click Computer
Click Advanced System Settings (it's on the left side)
Under performance click Settings
Go to the Advanced tab
Under Virtual memory click Change
Uncheck the "Automatically manage paging file" box at the top
Select the C: drive
Click "No paging file" or set the min and max
Choose Yes for the dialog box