Virtual ram (aka paging) is extremely slow. I would highly not recommend using this as a replacement for physical ram.
Paging file is NEVER a substitute for RAM. Setting it too big will just waste space, as a rule of thumb it should be 1.5 size of your RAM capacity.
A harddrive that can transfer 60 MB/s is considered very fast. PC2700 RAM, can transfer 2700 MB/s, its old and considered slow
Harddrive seek times is measured in miliseconds, in RAM it is in microseconds