Swap file
Absolutely not! Virtual memory is a system that provides a virtual environment to applications that is independent of computer physical resources. The swap file (more corectly called the pagefile) serves only in a supporting role.
hard drive
Yes, its called the Page File or the Swap File.
It might be called "reserved virtual memory space" or "virtual memory file", depending on the operating system.
swap file
pagefile.sys
Hard drive
A swap file is the file that an operating system uses when it is moving data. A computer creates this file when it is moving data from random access memory to virtual memory.
virtual memory
Page file
Pagesfile.sys
It can as much as you want, you should just have enough space on your hard drive in order to save the paging file (virtual memory file).