Yup,
in theory it should not make any difference... but not when it comes to XP

How many partitions do you have and how much space available on each? If you
have more partitions (or HDD's) you can set the page file on another
partition or HDD.
My wild guess is that some registry setting is preventing you to change the
sige of the page file.
Try these from
http://www.petri.co.il/pagefile_optimization.htm
Even when you set the values properly, some systems don't retain your
settings. If this happens, perform the following steps:
1.. Start regedt32.exe (not regedit.exe)
2.. Go to
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\ControlSession Manager\Memory
Management
3.. Double-click PagingFiles. The entry will appear as
D:\pagefile.sys 700 700
4.. The first value is the location; the second is the minimum size; and
the third is the maximum size.
5.. Ensure the values are correct and click OK.
6.. Reboot the machine.
Remotely changing pagefile size and location:
You can also change the value of the pagefile remotely by manipulating
registry values.
pagefile information is stored in the registry as a multi_string (so you
HAVE to use regedt32.exe) and can be changed locally as follows:
1.. Start the registry editor (regedt32.exe)
2.. Move to
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Session Manager\Memory
Management
3.. Double click PagingFiles
4.. There is one line for each pagefile, the format is:
<location> <initial size> <maximum size>
(e.g. C:\pagefile.sys 700 700)
5.. Click OK
6.. Close the registry editor
7.. Reboot the machine
To change on another machine you should use the resource kit REG.EXE utility
but the command below will replace the current pagefile and will NOT check
you have enough disk space so you may want to create a script that does
check. Make sure the machine is rebooted after the change.
C:\> reg update "HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Session
Manager\Memory Management\PagingFiles"="<location> <initial size> <max
size>" \\<remote machine>
For example:
C:\> reg update "HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Session
Manager\Memory Management\PagingFiles"="C:\pagefile.sys 700 700"
\\london.nwtraders.msft
Make sure you test this before trying to use on live machines.
Pagefile Fragmentation
If the pagefile gets fragmented your system's performance will decrease.
System Internals has released PageDefrag, a free utility that shows
fragmentation in the pagefile and then offers the option of defragmentation
at boot time.
The utility can be downloaded from HERE
Once you download just unzip the file and run pagedfrg.exe. Below is a
sample output:
Group Policy Settings
There are a few Group Policy settings available for use.
Create a pagefile:
Computer Configuration\Windows Settings\Security Settings\Local
Policies\User Rights Assignment
This setting determines which users and groups can create and change the
size of a pagefile. You can create a pagefile by specifying a paging file
size for a given drive in System Properties Performance Options.
Default: Administrators
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M