In Getting Started with Windows 2000: "Disk Defragmenter" (October 2001, http://www.winnetmag.com, InstantDoc ID 22244), I like Kathy Ivens' trick of moving the paging file between drives and defragging around the file. However, we have a different solution in my shop.
We simply set the paging file's initial size to equal the maximum size. This method also cuts down on fragmented paging files. Of course, you need the disk space to use this solution.