With 4 gigs of RAM, you should seriously consider disabling the pagefile altogether.
As for putting programs on the other drive, I think that would be slower than having it on the Raptors, even if you still use a pagefile. If you disable it, then definitely keep it on the Raptors. Usually its having programs/games on one drive and the pagefile on another that really quickens things up [by that I'm just pointing out that its not having apps and windows on separate drives that makes the difference, but the pagefile].
If this setup is way beyond your storage needs, get two 74 or 36 gig Raptors instead and save some money!