It's not worth it to bother. If it's an IDE drive, you won't really gain anything performance wise, and I honestly don't know if SATA got rid of the "one device at a time" limitation of the IDE bus or not, but even if it did you're going to see very little in the way of performance increase.
Put very simply, the fastest hard drive there is out there is still thousands of times slower than pretty much every other part of your computer. You just aren't going to get that much out of it, period, so there's no point spending a lot of time obsessing over how to best arrange things. Just let Windows manage the swap file, put it on whatever drive you want, and forget about it. You'd be almost infinitely better off just adding more RAM.
Greetings. I have Windows XP with 2048 memory, 4096 pagefile, and two drives. My "Program Files" and "Windows" directories are in C: . The "My Documents" directory is in D: . I'm yet to decide whether to place my pagefile in C or D. I thought the most disk activity will occur in C: , so D would seem the best choice for pagefile, but I'm not really sure about this. Any hints?