On July 4, 2011, WordPress Version 3.2 "Gershwin", named in honor of the composer and pianist George Gershwin, was released to the public. For more information on this enhancement and bug release, read the WordPress Blog.
See also http://wordpress.org/news/2011/07/gershwin/
Note the new php and MySQL requirements for WP 3.2 versus older versions. So before you upgrade, be sure that your hoster supports the new requirements. Unless, you may get into trouble. For the same reason, we assume without having done any testing that themes and plugins developed for the pre php 3.2 version and not upgraded, may not function on WP 3.2.