32 bit is hard-limited to 4GB. I think 32bit windows takes some kind of hack to recognize the full 4GB. There's a couple of memory holes.
One is between 15-16MB and that's for memory paging by the processor/BIOS. I'm not sure about the specifics. I think this one is present on every x86 computer.
There's another hole that is introduced when you've got 4GB in your system, and that's up toward 3.8GB. I'm not sure why that hole is present, either.
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