Virtual memory and paging are what allows computers to run programs that use more memory than is physically in the machine. paging allows program memory to be written to disk, and to allow required memory pages to loaded in memory. the disk file is the paging file(s). So in effect the size of the paging file is max size of virtual memory.
So available memory is how much real memory the computer has and available virtual memory is basically the page file size. Virtual memory is shared with all processes, so a single process can not use all of it.
The working set size is how many in memory pages are allocated to a process (though if there is low memory demand, it can borrow above this size). Unless the process can borrow, to load a new page, another page of the process must be paged out.
SQLSever wants to manages its own memory and performs its own paging, so it wants the all of its pages in memory. if its cache is paged out, the point of the cache is lost. So sqlserver wants to use less than physical memory so it does not page. That is, its wants its working set size to be large enough to hold all of it data caches. The percent of committed memory in WS is a measurement of this. In your sample 88% of sqlserver process memory is in real memory.
note: there is also pinned memory, which are virtual pages not allowed to be paged, and thus reduce the available pages for working sets.