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Just a (late) comment: I'm running Windows Server 2008 R2 with 16 GB RAM and a 16 GB pagefile. I'm still getting the "Out of memory" error in Opera (v27) from time to time, even when the amount of free RAM is 10 GB or more. So the problem might not be the lack of a pagefile or Windows running out of free memory.
Just a (late) comment: I'm running Windows Server 2008 R2 with 16 GB RAM and a 16 GB pagefile. I'm still getting the "Out of memory" error in Opera (v27) from time to time, even when the amount of free RAM is 10 GB or more. So the problem might not be the lack of a pagefile or Windows running out of free memory.