Yes, if the CPU supports Intel (R) 64, then it will work with 32 bit and 64 bit software and OS.
The main thing that you may need to check is if there are any drivers for the motherboard for Win xp 32 bit.
Of course, i am assuming that the board and cpu are compatible and are on the compatibility from the board's manufacturer site.
All the best,
Thank you very much, Aryan.