We just released CiviCRM 3.2.1 - it is now available for download. You can also try it out on our demo site. It is mainly a bug fix release - for full list of things that has been fixed/improved in 3.2.1, please take a look at our issue tracker.
For more details on major new features/highlights, please refer to 3.2 release blog post, here's the short list:
You can download the release from SourceForge - select from the civicrm-stable section. The filenames include the 3.2.1 label: civicrm-3.2.1. Make sure you're downloading correct version: for Drupal or Joomla.
If you are installing CiviCRM 3.2.1 from scratch, refer to the installation guide: