I too had this problem that started after using ghost to migrate to a larger drive. The upgrade worked until the original drive was removed and the problem as reported by angels1 appeared. I finally traced the problem to the fact that while ghost moved the partition data correctly it left the drives as:
Master: (E

and (F

Replacement Drive
Slave: (C

and (D

Original Drive
Yep my pagefile was now on the drive that was to be removed.
The final solution I used was:
1) Boot up with both drives connected
2) Rename Drives so that Master E: and D:
3) Move pagefile to (D

and set permission,
4) Powered down removed slave drive (Oroginal)
5) Boot to a Win95 disk and fdisk with the /MBR option. (fix the assignments)
6) Restarted, logged on and moved pagefile back to C: etc.
Cured my problem.... Now have a single drive bootable system again.
The fault originated, I believe when I ghosted with the original as SLAVE and the replacement as MASTER. Usually I do this otherway around but wanted to save myself a step.
My thanks for the many others who posted various fixes for this topic. The permissions one was really helpful. I have save the entire thread as I am sure the points will be useful again one day.
Hope this helps some others who experience a similar circumstances.