Page faults are a normal part of the operation of the Windows operating system and are in no way a problem. You may be thinking of 'Invalid Page Faults' which do indicate a problem and will generally cause either an application or operating system 'Blue Screen' error. See the section "What are Page Faults?" at this link for more.
http://aumha.org/win5/a/xpvm.php
In the case of a monitoring application such as TeaTimer, the program is constantly accessing various data areas as part of it's function. During the Beta phase of Spybot 1.3 which first included TeaTimer there were memory leak issues found with TeaTimer, especially as they related to other process monitoring applications, including the MS inscluded Task Manager. Though these were mostly fixed, the Page Faults continued.
During this testing we noticed that the number of page faults still seemed large and turned out to be about 2-3 page faults per second per process, or about 80-100pf/sec. on a typical PC. Though the exact reason for this hasn't been explained, the page faults themselves don't appear to cause any disk activity, since they occur even when the disk is totally inactive. And since other process monitoring applications appear to act the same, we stopped investigating. Only situations where actual memory was being consumed as a side effect of the interaction were explored and generally solved.
Some quick math from the above shows that at 100 page faults per second; that's 6,000pf/min, 360,000pf/hr, or 8.64 million per day! Since neither the processor utilization or disk activity usually seem to be affected, this isn't really a problem.
What you need to be concerned about is if these count rates increase drastically, since this might indicate the presence of malware and TeaTimer's attempt to battle it, though usually this would also result in lots of TeaTimer pop-ups. We have also seen rare instances of memory consumption, and more commonly problems with defragmenting older 9x operating systems.
In other words, just ignore the page faults unless they spike drastically or you detect other issues that make you suspect malware or memory consumption. The issue with freezing that FlowrHuntr mentioned above might be related to TeaTimer, but it's unlikely the page faults themselves were the source of the problem.
