Ok, Page File is just space your hard drive uses to store data, NOTHIGN MORE!!! You can not, under any circumstance, use virtual memory to overclock any componet of the PC. Zip. Zotta. Natta.
You can raise the Page File to 500GB if you truly wanted to, and experience absolutly NO performance gain whatsoever. Page File is so useless it's ridiculous. I only ever use 280MB of it on average. Never goes above 310MB. It just stores useless crap, like the memory that Solitaire takes up, likly stored in the Page File. That and system processes get stored in Page File, so that your RAM is useable for hard core applications.
Your friend is full of bologna. No laptop CPU comes factory overclocked, because it would generate way to much heat. The only companies that might overclock a laptop would be Alienware or VooDoo or some other custom PC builder. And liek you even said, it's an HP. It wasn't overclocked from the factory, the BIOS, or by the Page File. He's a lyin' sack of shitte. Plain and simple.