Well your in a pickle with your current setup, not enough RAM & no way to use another HD for the pagefile.
While MS still recommends a 1.5X RAM pagefile, it's not needed today, not since the 3.1 days. I couldn't image using a 3.5GB pagefile on my PC with 2GB of RAM, seems sort of silly don't you think! The reason you use more RAM is to eliminate the slower HD based pagefile & increase your performance, not make the pagefile bigger & waste HD space needlessly!
Unless you actually try to troubleshoot stop errors make sure your memory dump is set to "small 64kb" then you'll never need to worry about having a to little pagefile to complete the dump. If you do need the memory dumps set it for kernel-mode which requires about 1/3 of system memory in use at time of dump, MS even recommends only doing kernel-mode dumps
If you must make a pagefile on C:\ try to keep it in the 600MB area if you have the space.
In any event your going to take a performance hit having the pagefile within your raid5 setup & below is why.
RAID 5's distributed parity requires a lot of calculations. Moving the paging file to a RAID 5 array will greatly increase the amount of calculations the RAID controller has to do. This greatly reduces its performance. Again, the paging file will not benefit from the additional data redundancy offered by RAID 5.
Therefore, it is recommended that you do not put your paging file in a RAID 5 array. You should place the paging file on a separate hard disk.