i got same issue
curently at 94meg
any time my puter runs slugish i kill explorer task and it fine for a while
if i disable swapfile alltogether, taskmanager still has a value in 'VM size'
mabe its a conflict with installed softwere permintly runing
i normaly have norton, emule and icq perm runing, what you got
or another thought is its trying to start one of the many SERVICE i have disabled