From Page fault in wikipedia:
Hardware generates a page fault for
page accesses where:
- the page corresponding to the requested address is not loaded in
- the page corresponding to the memory address accessed is loaded, but
its present status is not updated in
This means that one of the applications is busily loading data or code into memory through reference, as distinct from I/O disk operations.
Since you have oodles of free memory, this can't be program/data swap-in or out to the pagefile.
The only other explanation I can think of is that some program has created a Memory-mapped file and is now processing it. This operation maps a memory portion equal in size to the file, although the file stays on the disk until the program refers to this "memory" through a pointer.
Question: which program in task manager is generating all these page faults?