Python runs fine using a 3GB address space on 32bit 
Windows.

To take advantage of this feature, Python should be 
linked using the /LARGEADDRESSAWARE flag of the 
linker. 

For details, please refer to:

http://msdn.microsoft.com/library/en-
us/memory/base/4gt_ram_tuning.asp

As most Windows users just use pre-built executables, 
this would be a worthwhile change. 

Best regards,
Martin Gfeller