I've got three 80MB swap files. That's more swap than there is physical memory in the computer. But I'll assume that Darwin is fairly modern and pages instead of swaps and that 240MB of swap is not unreasonable.

But I was using the thing last night running nothing besides a browser beyond the normal iBook processes and it was constantly grinding the disk. It was incredibly slow. I never encountered this running a single application under 10.1. Unless I can find some memory to borrow before the next time I get paid, I think I'm just going to take my chances and order some new memory anyway. As I said, it's fairly cheap.

Edit: fixed an unclear antecedent