Okay, lets put it this way, depending on the application, virtual memory can me REQUIRED regardless. Various calls in the Win32 API can ensure this, and it all depends on the software developer's programming methodologies. Various things, being memory-mapped files, often times bitmap images, documents, audio files, anything requiring large streaming data - these all LIVE in virtual memory.
Also, virtual memory has an added benefit of when memory becomes fragmented and the memory manager needs to clean up RAM for you to open that 32nd copy of IE to view your p0rn, what is it supposed to do without VM? It will say "Sorry, you're out of memory and/or system resources". With even a modicum of VM, it pagefaults, swaps one copy out, resructures ram, and fits everything back in nice and neatly, and all of a sudden you can open 5 more IE windows for those stupid popups that come with your p0rn.
As a rule, your pagefile should be 1.5 times the size of RAM you have. Stick to it. Besides, are you really running out of disk space?
SunnyD