"Worst PC on Hexus" sounds like a challenge to me: I could put my current "office" PC in mine (Duron 700, 512MB PC133,
probably PC Chips mobo, 40GB IDE HDD, AOpen H360B (yup, the case is pretty much the best part
) ) or my new build (Celeron D 345, Biostar P4M900-M4, 1GB DDR2-533)...
Back on topic: the idea behind SpeedBoost is that randomly accessing a USB2.0 memory stick should be faster than accessing a mechanical hard drive, so having your pagefile on a USB stick should be faster than on a mechanical drive. Looking back at 4k random reads from some recent Hexus USB storage reviews a USB flash drive is significantly faster than a mechnical HDD, so there is some benchmark support for that assumption.
With 2GB RAM, it's all going to be about how many memory hungry programmes you run. I'm using a relatively new (i.e. clean) Win XP install at the minute with ~ 10 tabs open in Chrome and Thunderbird running with 2 inboxes open, my AV is Sophos which is fairly memory light, and my VM Usgae is already up to 800MB, so if you have a lot of windows & tabs open at once you might find you are using your pagefile more often then you suspect.And of course, that's assuming that Windows only swaps memory out to pagefile when the physical memory is full, which may or may not be an accurate assumption...
In those circumstances, while it wouldn't necessarily make your computer faster, you might find it a bit more responsive when switching between tabs and applications.