Actually it _is_ possible to install Proxmox VE on a 32-bit only capable processor server.
Just use the standard kernel for Ubuntu from the OpenVZ team and install the debian packages manually from the Proxmox repositories (the _all.deb ones will work fine, the amd64 ones are better being recompiled from the sources).
Obviously you won't have KVM support, but I hate it how everywhere I look on this forum people just instantly throw the idea out.
I've posted about how you can get this working in a another thread only to have no one even reply.