Well, only if the programs are badly designed.
There are some programs that will say "I want this in pagefile", but I think most of those would be obsolete win9x type affairs. Don't realy know, just guessing mostly.
The main point to a swap space is to pick up the slack. In your computer there are various levels of abstraction, so that programmers don't have to deal with the details. You see that your dealing with a multi-tasking OS and the OS has to juggle around resources. If the application designer had to account for all possiblities in a multi-tasking enviroment his job would be impossible.
So virtual memory is one of those levels of abstraction. In a 32bit x86 machine you can have a maximum address space of 4gigs for memory. That 4gigs is called "virtual memory". It's a idea dreamed up by IBM way way back in the day.
So instead of the application going "umm.. the OS tells me I have 200megs to work with.. so I want to assign this and this and this to main ram, and this and this can be stuck into the swap space. So if hte user wants to do this task, then I have to move a out of RAM and into the disk and move b back into RAM", it just goes "assign this into memory" and the OS itself takes care of the details about were to stick it and how to manage it. It makes for a more effecient computer and such.
So in NT windows (NT 4.0, W2k, XP) you have always have 4gigs of virtual memory, 2gigs is reserved for the OS itself and 2gigs is reserved for Applications. If you have 128 megs of RAM, and a 300 meg page file, you have 4gigs of virtual memory. If you have 2 gigs of RAM and a 100 meg page file you have 4gigs of virtual memory.
So say you do take a 500 meg page file and stick it into a ramdisk in your 2gig main memory. Well then you have a 4gigs of virtual memory that has to share 2 hunks of ram, 1.5 and 500meg.
What happens if you have a bunch of applications open and your OS actually NEED, say 2050megs of memory to keep everything working? Or say some application is failing and is eating up memory like crazy?
In a normal OS your page file would just grow by a few megs and everything still works, abiet slightly slower and your thrashing your disk.
however with your page file cleverly stuck on ramdisk, stuff just starts failing. Your OS starts locking up, maybe, or your applications start crashing weirdly screwing up stuff on your harddrive, or maybe your OS has a out of memory killer and just starts randomly killing applications. Something bad.
After all you bought all that RAM to be used, right?
Just leave it alone. Windows XP is a hell of a lot smarter then Windows 9x was with stuff, and applying technics such as page file manipulation is fairly worthless endevour.