Holy cow, I wrote a book!
Address Windowing Extensions (AWE)
does not require PAE.
I don't know why some people claim that it does,
since it is so easy to demonstrate otherwise.
Take a program that uses AWE.
If you don't have one handy, you can
use the one that comes in MSDN as a sample program that demonstrates
how to use AWE.
Grant yourself "Lock Pages in Memory" privileges and run the program.
Observe that it works.
Now remove the /PAE switch from your boot.ini, reboot, and run
the program again.
Observe that it still works.
Myth disproved by direct experimentation and observation.