The maximum virtual memory (paging file) you can configure is much larger than you would normally need. The practical limit depends on whether you are running 32-bit or 64-bit Windows OS.
On 64-bit Windows, the paging file can theoretically be several terabytes in size, subject to Windows and filesystem limitations. You do not need to set it anywhere near that large. Windows normally manages the paging file automatically, and for most systems, allowing Windows to manage it is the best choice.
If you are manually setting it, a reasonable approach is to set the initial size to roughly the amount of your physical RAM and the maximum size to roughly 2 to 3 times your RAM. For example, with 8 GB of RAM, you could use an initial size of 8192 MB and a maximum size of 16384 to 24576 MB. With 16 GB of RAM, 16384 MB initial and 32768 MB maximum would be more than sufficient for most systems.
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hth
Marcin