I don't think i would turn it off. Virtual memory is used for page swapping for programs. Even if you do ahve a Gig of ram think of it like this.
WITH VIRTUAL MEMORY
Your programs all need a place to go when you load them up. The Files you need( like say the main code to run Word) go to main memory, the other files go to Virtual memory( like spell check in word). It's done this way so that you can have programs loaded up in main memory and have access to them fast(main memory is faster then Virtual memory).
WITHOUT VIRTUAL MEMORY
Now imagine you have say 3 programs running( not includeing whats running in the back ground or in the taskbar) now lets say with all of that running you decide you want to run another program. you go to load it up , but now you have no more memory because you only have 1 gig in your machine.
This is why you need Virtual memory, when you load up that 4th program the memory management in windows will remove unnecessary stuff from the memory and place it into virtual memory so you can keep running all the programs with out shutting any off. You also have to remember that Windows is running in you memory as well, and it uses Virtaul memoey big time for it's own files.
So if you take into account all the thing running in the background, the task bar and programs you have running that you launched , PLUS the operating system, I don't think it would be a good idea to turn off virtual memeory.
I know a great deal more about this, but only wanted to scratch the surface. If you need more info let me know and I'll post more detailed stuff about virtual memory.