The subject behavior will occur if the non-local paging file is configured on a dynamic disk AND the system disk is a basic disk.
This behavior occurs because the dynamic disk sub-system may have a timing problem that prevents it from properly enumerating the drive letters during start up.
To workaround this issue, either configure the paging file on a basic disk, or:
1. Open a CMD.EXE window.
2. Using REG.EXE, built into Windows Server 2003 or installed on Windows 2000 from the Support Tools folder of the operating system CD-ROM, type the following command and press Enter:
REG ADD HKLM\SYSTEM\CurrentControlSet\Services\dmboot /V Start /T REG_DWORD /F /D 0
3. Shutdown and restart your server.
NOTE: This tip also applies to Windows XP.