On the question  is Excel hard not on RAM, but on Page file  which is
RAM's space on the HD, I think I found something. Review it's an
8.5 MB Wkbk (lots of clip art, see my Mes.# 4475)in 750 MB space of
Page File and it kept crashing. I did another defrag like you said,
and it looks like Page File is the one single type of working file
that was fragmented. This raises a good question, how labor
intensive is Excel on the HD's Page File and how much RAM/Page File
ratio do you need to run big  (& showy?) Excel workbooks. X50-60 may
be crashing me. X100? X150-250?

(And note an Office repair utility won't help the situation.)

Here's a copy of my DEFRAG RPT and please look at it:

Volume (C:)
Volume size  = 93.15 GB
Cluster size = 4 KB
Used space = 6.99 GB
Free space = 86.16 GB
Percent free space = 92 %

Volume fragmentation
Total fragmentation = 0 %
File fragmentation = 0 %
Free space fragmentation = 0 %

File fragmentation
Total files = 52,490
Average file size = 200 KB
Total fragmented files = 0
Total excess fragments = 0
Average fragments per file = 1.00

Pagefile fragmentation
Pagefile size = 768 MB
Total fragments = 1

Folder fragmentation
Total folders = 2,280
Fragmented folders = 1
Excess folder fragments = 0

Master File Table (MFT) fragmentation
Total MFT size = 55 MB
MFT record count = 55,066
Percent MFT in use = 97 %
Total MFT fragments = 2