|Server 2003 doesn't actually report pagefile usage. What is labeled as "PF Usage" is actually the commit charge which is something quite different. There is no direct relationship between the commit charge and actual pagefile usage. There is no way to determine actual pagefile usage in Task Manager. In any event it usually isn't that important.|
Based on the limited information you have provided there is nothing to suggest that memory is an issue. The "Programs" setting is probably best for SQL which does it's own caching rather than relying on the system cache. It may not make much difference.
These are the major issues in performance (in no particular order):
1. Memory shortage. Doubtful here.
2. Overworked disk system
3. Overworked CPU
4. Network issues
You will need to use Performance monitor to determine where the problem lies. One of the worst things you can do in troubleshooting a problem is reaching premature conclusions.
I really wish Microsoft hadn't labeled that graph "PF Usage". This has caused an enormous amount of confusion and a great deal of unwarranted criticism of how Windows manages memory. Many people have spent a great deal of time looking for a solution to a problem that doesn't exist.