I've got a 120 gig Crucial M4 that currently sits at 61.9 gig free of 119. My system restore is set to 1% (1.19 gig). I set the page file to 2 gig. In local disk (which I have show hidden files/folders on) I have (when right clicking and selecting properties)

AMD-431 MB
ATI-160 MB
Intel-516 KB
Perf Logs- 0 bytes
Program Files - 513 MB
Program Files (x86) - 2 GB
Program Data (hidden folder) - 713 MB
Temp - 0 bytes
Users - 4.27 GB
Windows - 15.6 GB

That's nowhere near what's being reported. The page file was originally 16 gig and I knocked that down to 2. Can't tell what else it could be. I attached a Space Sniffer shot.