Please have a look at my FAQ on Virtual memory for a detailed discussion of what it is, and suggestions as to what settings may be right for you. faq602-815
Remember, the best settings are the ones that work for you.
On a Windows 9x machine (this includes ME), Right-click My Computer, choose properties, click the performance tab and you'll see a button for VM settings.
I'd suggest using the formula 1.5 x RAM for the Minimum and Maximum figures.
Also check that you're not running out of hard disk space - clear up some files if you are. I'd also recommend a full defrag before changing the VM settings.
I hope this helps