<< What does the pagefile do? >>
OMG IT'S A VIRUS! YOUR GONNA DIE!
JK.
It's the page file.
You know...swap file? It's a bit of disk space that is used to hold data that doesn't fit in RAM. You can turn it off by going into Computer Mgmt and setting it to zero, but Win2k usually barfs on you when you try this.
Honestly, if you don't know what a page file is, then you're probably better off not fuxing with it.