The following table compares disk and file sizes possible with each
file system.

NTFS
Recommended minimum volume size is approximately 10 MB.
Maximum volume and partition sizes start at 2 terabytes (TB) and range
upward. For example, a dynamic disk formatted with a standard
allocation unit size (4 KB) can have partitions of 16 TB minus 4 KB.
For more information about maximum volume and partition sizes, see the
Windows Server 2003 Resource Kit, Server Management Guide at the
Microsoft Windows Resource Kits Web site.

FAT
Volumes from floppy disk size up to 4 GB.
Does not support domains.

FAT32
Volumes from 33 MB to 2 TB can be written to or read using products in
the Windows Server 2003 family.
Volumes up to 32 GB can be formatted as FAT32 using products in the
Windows Server 2003 family.

Does not support domains.

Maximum file size is potentially 16 TB minus 64 KB, although files
cannot be larger than the volume or partition they are located on.
Maximum file size is 2 GB. Maximum file size is 4 GB.

Bill Starbuck (MVP)

32GB

Please see this kb article
http://support.microsoft.com/default.aspx?scid=kb;en-us;246818