The answer seems to be yes.
I run Windows 7 64-bit. I had 4 Gigabytes of RAM, and since I always have Linux running inside Windows, and since I have disabled the Windows pagefile (performance is much, much better with this disabled. Minimized programs open up in an instant now, even with 20 programs open at the same time), I kept getting the low RAM message. This usually happened when browsing the web and opening many tabs.
I bought a good 1GB RAM stick for $20 on Newegg.com and installed it today. To test whether my 32-bit programs can benefit from the extra RAM, I opened up Google Chrome (a 32-bit program) and started opening a high quality picture in many tabs. After opening it in 20-30 tabs, my RAM usage approached the 5 gigabyte limit and I received the low memory warning.
This proves that somehow Windows 7 can allow 32-bit programs to utilize areas of RAM that theoretically can't be addressed using the 32-bit system.
Therefore regardless of whether the programs you use are 32-bit or 64-bit, as long as you use Windows 7 64-bit, you can make good use of 4GB+ RAM.