Is 4GB the max on a 32 bit OS?

[Scott Ledyard]

On my list of "basic questions that I'm sure someone's answered, but I can't
find it" is this:
Can the x86 versions of Ubuntu (or any OS) employ more than 4GB of RAM?
I read with interest how to size an LTSP server and noticed that people have
recommended lots of RAM. But, I've also heard that a 32 bit processor cannot
physically address more than 4GB of memory. True?
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