Each process has its own independent virtual address space - two processes can have virtpage 1 map to different physpages. Processes can participate in shared memory, in which case they each have some virtpage mapping to the same physpage.
The virtual address space of a process can be used to map virtpages to physpages, to memory mapped files, devices, etc. Virtpages don't have to be wired to RAM. A process could memory-map an entire 1GB file - in which case, its physical memory usage might only be a couple megs, but its virtual address space usage would be 1GB or more. Many processes could do this, in which case the sum of virtual address space usage across all processes might be, say, 40 GB, while the total physical memory usage might be only, say, 100 megs; this is very easy to do on 32-bit systems.
Since lots of processes load the same libraries, the OS typically puts the libs in one set of read-only executable pages, and then loads mappings in the virtpage space for each process to point to that one set of pages, to save on physical memory.
Processes may have virtpage mappings that don't point to anything, for instance if part of the process's memory got written to the page file - the process will try to access that page, the CPU will trigger a page fault, the OS will see the page fault and handle it by suspending the process, reading the pages back into ram from the page file and then resuming the process.
There are typically 3 types of page faults. The first type is when the CPU does not have the virtual-physical mapping in the TLB - the processor invokes the pagefault software interrupt in the OS, the OS puts the mapping into the processor for that process, then the proc re-runs the offending instructions. These happen thousands of times a second.
The second type is when the OS has no mapping because, say, the memory for the process has been swapped to disk, as explained above. These happen infrequently on a lightly loaded machine, but happen more often as memory pressure is increased, up to 100s to 1000s of times per second, maybe even more.
The third type is when the OS has no mapping because the mapping does not exist - the process is trying to access memory that does not belong to it. This generates a segfault, and typically, the process is killed. These aren't supposed to happen often, and solely depend on how well written the software is on the machine, and does not have anything to do with scheduling or machine load.
Even if you already knew that, I figured I throw that in for the community.