Are you basing this on looking at the drive itself?
What are the pagefile settings for the system:
Start -> Right-Click "Computer" -> Properties
Click "Advanced System Settings"
Click "Advanced" tab
In the "Performance" section, click the "Settings..." button.
In the "Performance Options" dialogue, click the "Advanced" tab
In the Virtual Memory section, click the "Change..." button.
If the pagefile is really completely disabled, it should look something like this:
To set up a pagefile, click one of the disk names to select it, then click "System Managed Size" or click "Custom Size" and enter the minimum and maximum sizes.
Important note: You
must click the "Set" button! If you just click OK the settings will not be applied. This has tripped me up several times.