See the link to "McAfee Support Solution ID: nai23719" for information on this event.
On Windows NT4 SP6a this happened when I tried to move the pagefile off the system partition, after the reboot, server would freeze about 10 seconds after login. Rebooted again, changed Virtual memory back to system partition real fast, havent made any changes since.
I believe that this has occured after system was infected with W32.Nimda.A. Symptoms: system overall slow down, excessive use of processor time, memory hogged. (although it could be a direct result of the virus).
As per Microsoft: "The page file has reached the maximum page file size. There are no pages available in main memory or in the page file. This generally indicates a Memory Leak in a another process. Determine the process at fault by using the performance monitor to monitor each process's page File bytes or Working Set."