Static Page File Not Static

I have my page file set to static at 1500MB, but when I monitor it using SmartBarXP or taskmanager, my page file often grows larger than 1500MB, even when my normal memory isn't full. Many times my normal memory will be at 500MB usage, and my pagefile will be upwards of 700MB usage. Is this normal?

Edit:

Just read an article Sonny posted here: about virtual memory. Didn't relalize Windows recognized virtual memory as physical memory + pagefile.