The closest thing to a .32 I own is a recently purchased Romanian MilSurp Tokarev TTC chambered in 7.62x25 Tokarev.
It's not .32cal, it's .30cal, but it's a hot little round which offers similar ballistics performance to that of the .327 Magnum, launching a .308 bullet at anywhere from 1300-1800fps. It's generally known for its impressive armor-piercing capabilities, defeating Level IIIa body armor with ordinary FMJ. It was used by the Soviet Union from 1930 until about 1950, has remained in service with the Chinese until very recently when they began replacing it with their own proprietary armor piercing round, the 5.8x21 DAP, which is actually a substantial downgrade in terms of performance. Supposedly 7.62x25 Tokarev is still in service in parts of the Middle East and North Korea.
Oddly enough, it's actually a pretty darn effective round in terms of ballistic performance, capable of delivering up to 600ft-lbs of energy and penetrating a solid 16" in ballistics gel with modern JHP ammunition, so it's a wonder why it has fallen by the wayside in terms of military popularity. Sure, it's a rather long cartridge at about 35mm/1.4" OAL, ergo it requires a pistol designed specifically for it, so no quick and dirty rechambering of 9mm Luger or .45 ACP pistols which are so popular these days will work, but for such a slim yet powerful pistol with armor-piercing capabilities, it seems like it ought to be worth the effort.
Interestingly enough, there are at least a couple of firearms still in production chambered for 7.62x25 Tokarev, the Zastava M57 which is just a modern reproduction of the old Yugoslavian Military's Tokarev M57 and the Norinko P762 which is basically just a clone of a SIG SAUER chambered in 7.62x25 Tokarev. Unfortunately though, the Norinko P762 cannot be imported into the United States, so the most modern pistol currently available in 7.62x25 Tokarev is completely unobtainable in America.
Hopefully somebody smart like Ruger will recognize the potential niche market for a modern pistol chambered in 7.62x25 Tokarev and rechamber their Ruger 57 (5.7x28 FN) in 7.62x25 Tokarev.
Fortunately though, there are still a ton of old MilSurp Tokarev pistols on the market which can be had for under $300.