We know for sure that we can do a tethered jailbreak on iOS 4.3.2, but what about the untethered jailbreak of i0n1c, available for only a week? At a first investigation by comex, it would seem that i0n1c's exploit was still functional, but the 100% sure confirmation will come in the following days from i0n1c. Apparently part of the iOS 4.3.2 kernel was compiled before the Dev Team released the untethered jailbreak solution, so theoretically there would be chances that on iOS 4.3.2 that exploit could be ported. Everyone left the confirmation "in the hands" of i0n1c, so until we hear from him, we won't know what the situation is. If everything goes well, then we will have an untethered jailbreak solution for iOS 4.3.2 as well.
If you only want a tethered jailbreak for your terminal, then I recommend reading This article.
