do you really need WP 3.2?
Anybody that does not upgrade to the latest version of wordpress is asking for trouble. All new releases include bug and security fixes. Some security fixes that come out are marked as "Urgent"
So anybody that is not using the latest version of wordpress is asking to be hacked.
As far as upgrading sme 7.x to run WP 3.2 on it, forget about it, SME 7.X is an old technology, which is based on Centos 4.x. You will have better results if you use SME 8b6 which is based on Centos 5.X, which is also an old technology since Centos is coming out with v.6 soon, but still better than using SME 7.x.
I know that "Beta" Sounds scary, but so far I have almost no issues with it. Works for me.
Besides, if you monkey around with standard SME 7.x, you will have issues upgrading later to SME 8. At this point, it is almost not worth it, just use SME 8b6