I think you are right, what "top" is showing in the terminal window is maybe not the actual space used. I did copy a portion of the terminal screen and pasted it below:
Processes: 92 total, 2 running, 1 stuck, 89 sleeping, 423 threads 23:37:08
Load Avg: 0.41, 0.53, 0.64 CPU usage: 2.15% user, 2.15% sys, 95.68% idle
SharedLibs: 16M resident, 7348K data, 0B linkedit.
MemRegions: 14245 total, 670M resident, 52M private, 345M shared.
PhysMem: 1065M wired, 1098M active, 159M inactive, 2323M used, 5867M free.
VM: 230G vsize, 1118M framework vsize, 80370(0) pageins, 0(0) pageouts.
Networks: packets: 148765/23M in, 149862/21M out.
Disks: 181031/3274M read, 22262/395M written.
as you can see, the page outs are zero, the VM size is changing, e few moments ago it was 240G.
Nevertheless, I just ordered a 960 GB SSD harddisk from macsales.com which will solve the problem for a while.