The Ask the Performance Team blog from Microsoft’s Enterprise Platforms Windows Server Performance Team has a useful post called "What is the Page File for anyway?", written by CC Hameed. The post does a good job explaining how Page Files are used and how to properly configure and maintain them.
I completely agree that you should set a static Page File size rather than using a dynamic Page File Size (which is the Windows default). For big SQL Server 2005 dedicated 64-bit servers, hopefully you have enough RAM, and you have enabled "Lock Pages in Memory" for the SQL Server Service Account, so that you are not seeing much if any Page File usage (because if you are, you have other problems to worry about).
Having said that, for a 32GB, 64-bit SQL Server 2005 machine, I typically set the Page File to be a static 6GB file, usually on the C: drive.