depends on how much ram you have.
The best thing is the set the pagefile size to be constant manually (setting the low and high numbers to be one and the same)
it also depends on how much you a computer, but a good size would be that RAM+pagefile= ~~384MB.
so if you have 256megs of RAM, 128meg pagefile should be enough. If you have 128megs, 256 meg pagefile should be enough
and remember, make it constant.
if you have 512megs or more, I think its safe to delete, otherwise no.