I agree something is wrong, but it is SQL that is paging out, I start the SQL Server service and the page file grows exponentially and essentially crashes the OS, I stop the SQL service and everything goes back to normal and the page file drops to 70GB. So SQL is paging, I am just not sure how or why, at this point all ideas are welcome :).
Are you seeing this in the error logs?
Gail did say you would see messages to this affect if SQL were paging.