Why do you want to do this? You can't format a FAT32 volume that is more than 32 gigabytes. If you really want you make a partition that is 32 gigs and use FAT32(I guess you'd do this if you'd like to see the partition from another os, like linux). Otherwise, format with NTFS.

Edit:
You'll have to deal with some cap issues but an explanation is here:
http://forums.afterdawn.com/thread_view.cfm/602285

If swiss-knife still isn't working try this hp tool:
http://www.softpedia.com/get/System/Hard-Disk-Utils/HP-USB-Disk-Storage-Format-Tool.shtml

If will allow you to format large fat32 partitions.

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