It has been brought to my attention that I have made a couple (or more) typo's when discussing virtual memory; I used KB instead of MB.
So for clarification, in 32-bit Windows there is a maximum page file size (which coincidentally is almost the same as the maximum amount of memory that can be normally addressed by 32-bit Windows) of 4095 MB.
My Windows 7 32-bit says:
[attachment=90374:Max pagefile size.PNG]
and it will accept 4095 MB.
My apologies for any confusion I might have caused.