As I understand it, (and I am prepared to be wrong on this) 32 bit allows up to 64Gb Virtual RAM, and 8Gb Physical. For 64-bit it's 16 Terrabytes Virtual and 128Gb for Physical.
I used to think it gave access to 16 Terrabytes physical but a recent article I read told me differently, I'll see if I can find it again.
Edit...
I was getting my articles confused.
http://www.microsoft.com/windowsxp/64bit/evaluation/top5.mspx
it's the new windows x64 that supports 128Gb ram and 16 terabytes of Virtal memory.
According to this Article:
http://www.teragrid.org/news/apps/0404/pcmag.html
64-Bit technology can access exabytes of memory.
Bit [b] [b] 1 Bit
Byte [B] [B] 8 Bits
Kilobyte [K/KB] 1024 Bytes, 1024 Bytes
Megabyte [M/MB] 1,048,576 Bytes, 1024 Kilobytes
Gigabyte [G/GB] 1,073,741,824 Bytes, 1024 Megabytes
Terabyte [T/TB] 1,099,511,627,776 Bytes, 1024 Gigabytes
Petabyte [P/PB] 1,125,899,906,842,624 Bytes, 1024 Terabytes
Exabyte [E/EB] 1,152,921,504,606,846,976 Bytes, 1024 Petabytes
Which I think is certainly cool. What happened to the BBC Master with 22k of memory eh? Oh right, 16-bit.
Run before you can walk, always raise the stakes higher, always keep moving, because you never know who's catching up.