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Configuring -

A page file can be individually set for each drive by doing the following.

1. On the desktop, right click "My Computer"
2. Select "Properties" from the provided selection list.
3. Click the Advanced Tab on the top right of the window
4. Click the "Performance Options..." button
5. Click the Change button, the "Virtual Memory" window will open.

At this point you can select the drive from the provided list and then type in the amount of memory you want dedicated to the swap file in the provided text boxes. A box is provided for the initial size and the maximum size. Simply enter the amount and click the Set button.

My personal belief is that using the same value for both the initial and maximum would improve performance and cut down on possible fragmentation.
You wont be able to delete pagefile.sys while Windows is running. The file is in use. Outside of Windows you could possibly delete it provided the disk isn't NTFS and you boot with a DOS boot disk. If you did delete it though, chances are the system wouldn't boot afterwards, complaining about missing Paging files, or it might just recreate it. I cant remember which it is, but either way I wouldn't delete it.

Hiberfil.sys is the Hibernation file used to store the state of the PC when it last went into hibernation. If you delete it, it'll be ok, but will be created again on next hibernation. You could turn off hibernation though and it wont reappear.
Pagefile Optimization