Actually, 512 x 1.5 = 768.
Which, by the way, is exactly what I would choose as the minimum and maximum numbers when setting a custom paging file with 512MB of RAM. This will stop Windows from adjusting the size of the file, which eliminates paging (hence the name of the file.)
If you have two hard drives, an even better solution would be to place a 2MB paging file on the primary partition that contains the OS files, and the rest of the file (766MB) on the first partition of the second drive. This is for several reasons. 1.) Windows only needs 2MB to boot safely, without errors. 2.) It moves the bulk of the file off to a separate drive, which can slightly increase performance, due to IDE read/limitations. 3.) If you intend to use an imaging program like Norton Ghost or Drive Image 2002 (which is my personal choice) to back up the OS partition, the image will be considerably smaller without the extra 766MB, which effectively cuts an entire CD-R disk off the back up set.
I wouldn't recommend running the OS without a paging file unless you have at least 768MB of RAM ... and even then, expect that certain programs might not run or install correctly if the paging file is missing. With that much RAM, problems wouldn't arise frequently, but it <i>can</i> happen upon occasion, especially when multi-tasking memory intensive applications, such as graphic arts programs, or running older games.
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