For the most part, Windows NEEDS a swapfile. Without it, weird things will happen. Even if you have a system with 64GB of memory, most would think a swap file is not needed. However Windows itself is coded and expected to have a swap file.
You can prevent those weird problems from popping up and have no thrashing with a tiny swap file of 256MB or greater on ANY drive. It prefers a min 400MB on C: (or boot drive) for crash dumps, but that's not needed and wont affect stability.
So instead of disabling it, just put a 256-512MB swap to ANY drive. Windows won't thrash that. It will just put a bit of idle code here and there. If you have 4GB or less (even on a 4GB system), I'd recommend a 1GB swap to prevent out of memory errors and major instability.
Normally you can't put a swap on a thumb drive, but some USB 3.0 thumb drives appear as a HDD vs a "removable" drive. Better yet, grab an eSATA thumb drive thats 16-32GB... then you can shove a 32GB swap on it if you like LOL! It won't need it, but it will certainly use the swap a LOT faster VS an HDD (unless you don't have HDDs and have SDDs)
I know I've seen TONS of people disable paging in Windows, and you should be able to do that with no repercussions.... However, no matter how much ram you have, Windows wants SOMETHING to page... even if only 256MB
It's not ios, linux, or OSX where swapping is 100% optional... Windows is "sort of optional" You can 100% disable paging, but then some people are plagued with issues and others have minor ones
My stance: Why take the chance??? A 256MB swap isn't going to thrash your system to death...
Better yet.. get a USB 3.0 32GB thumb drive (a FAST one.. and they are CHEAP)... format it NTFS.. and DEDICATE it to Readyboost (if you use anything other than NTFS , you are limited to 4GB).
Unless you are PURE SDD or PURE SATA 3 (or SATAe - not eSATA!!) with all Raid 0s, that usb 3.0 RB will make your system FLY. It will cache 32GB of cache data that can be read FAR faster than any SATA 3 drives. NO Sata 3 drive can even come close to the 6Gps cap.. not even the SDDs.. and USB is 5Gps/sec.. I've yet to see any Sata3 HDD outperform a fast USB 3.0 thumb drive
Windows 8 is best for this because of the Fast Start up (Fast Start up just logs you out then hibernates the system)... why is this good? a True shut down or restart erases the RB cache.. and Caching 32GB of data takes TIME, and HDD time... but once it's done.. you're GOLDEN... STandby, Hybernate, or Fast Start up KEEPS the RB cache :) So you system will just fly (until you do a full restart or true shutdown)
RB isn't RAM, and it's not a swap file, but it is cache.. and 32GB of cached data will also keep windows from gobbling up RAM for cache and having to clear it when needed. And like I said, some thumb drives, Win 8 treats as an HDD and you can put a swap there... then you get a swap with ZERO hard drive thrash :) Great set up: 4 GB usb 3.0 drive as a 4GB swap, then a 32GB usb thumb for 32GB of HDD cache. Again, RB is useless if your system is ALL SDDs or ALL drives are raided to the point they are faster than RB. And windows isn't stupid... if all your drives are faster than the RB device, it will NOT let you enable RB :)