from the PVE wiki:
Proxmox Virtual Environment is an easy to use Open Source virtualization platform for running Virtual Appliances and Virtual Machines.
You can easily install it on host nodes and add them to a cluster. On these host nodes you can create and launch virtual machines, migrate them between the cluster-hosts and do backups. Everything is managed through a clean Web-Frontend.
They support container based virtualization (OpenVZ) and full virtualization (KVM).
For more/all features see their wiki.
PVE is only provided for 64-bit CPUs using the debian amd64 architecture. While this makes sense for the KVM hypervisor that depends on special hardware features not available in 32-bit CPUs, at least the container based virtualization OpenVZ can be supported on 32-bit CPUs.
Unfortunatly you cannot install PVE on those old 32-bit machines, because kernel and userland of the PVE Bare-metal ISO Installer are 64-bit-only.
that's why I ported the packages for i386 architecture.
Using these unofficial packages your 32-bit server will be able to run Proxmox VE for OpenVZ only!
The HOWTO is located in the Proxmox wiki: Install_Proxmox_VE_on_Debian_Lenny_on_32-Bit_Processor.