The hard disk paging virtual memory is rather slow, and paging in and out has a lot of overhead (IMO). While having some "virtual" spaces for the uneeded and unnessisary items to be paged out to disk, the system is still in control of what gets paged.
If your game needs more ram than is made available, paging parts of that programs data out to disk, really is not that much faster than getting them from disk to being with, or re-getting them from disk when they are rolled out of memory completly.
Things that may help:
1) Get more ram (ok it had to be said) Win7 64bit wants to have ~4Gig.
2) Shut things off, go through and carefully disable unneeded services, and programs that are not in use. (even drivers that are unneeded for that last bit). Ex: Disable superfetch, I cant see that helping at all in this situation, it loads the ram with stuff you may use later.
Must have a Backup of the system to be messing with these things
3) Use RAMMAP and "JAM" stuff out of ram, While most of it will head right back in again, especially when needed, you can flush even working sets out, and free up some memory temporarily. This will also force some (other) working stuff out to paging, making them slower, but out of your games way.
4) Use a SSD for paging, while it might not be good for the drive it should speed up the paging action itself by measures. Still wont cut it.
5) Flat out task end things via a batch or manually, before running the game. Crasy people (like me) would even end the explorer temporarily to play a game, and restart it on game exit (batch or using the task manager) when on a very low ram system.
6) Turn off windows programs in "programs and features" / "turn windows feature on and off". While few of these items in the components section will take memory when not active, some of them do. Turn off only the ones you never intend to use.
7) A few games allowed for changes that use much more memory right in the settings, sometimes those changes are in a config file for the game, and listed on the web somewhere. Switching from high-res textures to low-res textures could (have not tested this well) free up not only video texture memory, but system memory moving and storing them before heading there.
8) Shrink things, getting desperate there are sometimes ways to shrink the components of a game, drop Bits (24-16bit) Crunch audio, squish movies. Most of these are in some form of compressed format, but there are ways to get it out, squish it down, and put it back where it was.
Disclaimer2: altering game parts may set off the "cheat buster" things when playing online.
9) Defrag, not just defrag but defrag & reorder. When you must depend on the disk a lot, having the data your moving in and out sequential and closer together can help some. if the disk is a mess it can help lots.
10) Have the paging and/or the game parts and pieces on the faster disk places, and split between 2 disks if possible. If your game data is on one disk (seperate hardware item) and your paging location is on a different disk item, it will slightly improve your I/O for both tasks, each having thier own (slow) parellel activity going on with less conflict of writing while reading.