uli_k, I don't think it can include ram memory as my page file tops out at 600mb but I have 2GB of ddr2... I read up on this here:
http://www.microsoft.com/resources/documentation/windows/xp/all/proddocs/en-us/taskman_monitor_perf_fields_overview.mspx?mfr=true
which seems to contradict itself, but it looks like (the numbers) it isn't including 'physical memory' on the page file usage...?