This is getting a bit silly. Of course if you have 1TB of memory on a standard windows XP install you could probably get away without ever paging anything to disk, but at the same time you could install windows and all your apps into RAM anyway.
As has already been said, the whole point of a pagefile is to give the kernel somewhere to put memory pages that currently aren't very active, so they don't sit in physical RAM using up space that could be occupied by pages which are actually being used by processes.
As has already been said, the whole point of a pagefile is to give the kernel somewhere to put memory pages that currently aren't very active, so they don't sit in physical RAM using up space that could be occupied by pages which are actually being used by processes.