In 32 bit operating system, Windows CE can address 4GB of virtual address space.Each application is granted just 32 MB of virtual address space.  Memory can be allocated outside of this 32 MB space, but that memory is global to all applications on the device - it is not private to the application that allocates the memory.

there are 3 address space partitions that come into play when an application runs:

• System Code Space.
• Per-Process Address Space.
• High Memory Area.