No, 32 bit programs can only access 2 GB of memory, this is under a 32 bit system, some can with special setting (boot.ini) acces 3 GB. Theoratically the OS can adress 4 GB of memory but this also includes videomemory and hardware buffers, so you see many 32 bit systems wih 4GB installed only showing 3,5 till 3,2 GB available!
When using 32 bit software on a 64 bit os, the software should be able to acces 4 GB of ram, that's it! It's a limit of 32 bit addressing.
Win8.1, 3930K@3.2Ghz, 32GB with Cubase 7.5 & artist 7.5, wavelab 8 elements, HSO, RND Portico 5033, MR816X+Focusrite pro 26 IO, Adam P22a + sub8, CC121, Cubase IC pro, Halion 5, VG2, Arturia AF, TRacks CS grand + all custom elements, BFD3, Amplitube 3 (fender, orange, SVX collections, slash), HSO library, Fender Jazz basses, MB octaver, fender bassman 100, Orange AD200B, MB TTE500, TECAMP, Fender & FMC 12 cabs!