Without it modern computing will be very limited as programs and most operating systems consume more memory than what is typically available in ram. In games graphics cards keep a cache known as texture memory for storage of data, it is virtual and outside the card in ram and pagefile. If you have a spare sata port just get a cheap ssd and I can post a guide how to enable the page file there plus you will gain some space on the c drive
If you do that there will be a general performance boost in most apps being more responsive.
EDIT: You can do it now if you want using one of the other drives.
For Vista and Win 7
Advanced system settings
Advanced and then on the bottom there is a section for virtual memory, click change.
Now choose one of the other drives that you want to use like one of the more modern drives. Click custom sze, enter a larger amount than what is for the virtual memory on the c drive. Then click ok, restart, then go back and uncheck the virtual memory for the c drive. Last option no paging file then click on and restart again then you are done.