Virtual memory is a fixed size and cannot be changed. On 32-bit it is ~4GB and on 64-bit it is ~16 exabytes.
The page file is a cornerstone requirement of providing a virtualised memory environment and should never be less than the size of physical memory - ideally it should be 1x to 1.5x the amount of physical memory. Anything less than 1x results in unneeded strain on the kernel memory manager, more page swapping I/O (very slow), more CPU usage and worst of all it makes possible a situation where you will get "out of memory" errors if you open a large enough application.