JohDas
PAE is only required for SQL Server to use more than 4 GB of physical memory - you don't need it
Generally, for a standalone SQL Server, AWE is preferable to 3GB as it allows only SQL Server to take advantage of more than 2GB of RAM
The account used for SQL services will have to be given Windows "lock pages in memory" administrative credentials.
and then running this query to set AWE and max server memory:
sp_configure 'show advanced options', 1
RECONFIGURE
GO
sp_configure 'awe enabled', 1
RECONFIGURE
GO
sp_configure 'max server memory', 3072
RECONFIGURE
GO
You should always keep at least 1 GB of RAM for the OS
For more info check this KB article: 274750 and SQL books online