Hi Ben,
Try deleting the file from the Recovery Console first.
1. Boot into Recovery Console.
2. Because you boot into the %SystemRoot% folder (most commonly the C:\Winnt
folder), type the following command:
"cd \" (without the quotation marks)
3. Type the following command to overwrite the existing Pagefile.sys file
with Boot.ini:
"copy c:\boot.ini pagefile.sys" (without the quotation marks)
4. Type the following command:
"del pagefile.sys" (without the quotation marks)
After you copy Boot.ini over to Pagefile.sys, Pagefile.sys appears in the
directory listing.
Boot to Windows and create a new paging file.
Regards,
Ken Simmons
Microsoft Technical Support for Platforms and Business Applications