Seems like there is a more serious issue then and maybe you don't have a pagefile. that would explain the error you are getting on photoshop.
Can you fill in your system specs through the link on your post down the bottom where it says My System Specs, that way we can help diagnose the problem better. Also have you installed all your MB chipset drivers and updated all your drivers?
You might want to check out this thread for any hints to your problem Virtual memory - Pagefile problem: no drives in list!