Yes....
If you go into your virtual memory settings and set the paging file to "none" for all drives then it won't be recreated. As I said before, you can get weird problems with no page file.
When certain applications start, they allocate a huge amount of memory (hundreds of megabytes typically set aside in virtual memory) even though they might not use it. If no page file (i.e., virtual memory) is present, a memory-hogging application can quickly use a large chunk of RAM. Even worse, just a few such programs can bring a machine loaded with memory to a halt. Some applications (e.g., Adobe Photoshop) will display warnings on startup if no page file is present.
For this reason, people with large amounts of RAM, like 16 GB or more, leave a small page file of 512 MB rather than turn it off altogether. Best to leave it alone as "system managed" on the disk with most space.