You can run 32 bit apps on a 64 bit OS and get >4GB of memory.
Yes but the performance will greatly depend on the implementation. Software implementations usually perform very poorly. I remember FX!32 that ran 32-bit apps under ALpha. Performance was about 10% of native.
I've run 32-bit apps on A64 and I typically see a 15% performance boost without recompilation.
"You can run 32 bit apps on a 64 bit OS and get >4GB of memory.."
For the app? Only if it is using that hack that Intel came up with. And even then, you can't address more than 4 gig. at any one time. Having used things like overlays and memory paging back in the dawn of history(so to speak), it ain't the same thing.