You can follow the well explained instructions in the video to jailbreak your compatible iPhone 4, 3GS, iPad, iPod touch untethered on iOS 4.3.2
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Youtube Tutorial : YouTube - HowTo Jailbreak iOS 4.3.2 (FULL Untethered) for iPhone 4, 3GS / iPod 3G, 4G/ iPad
NOTE : Those of you who rely on a carrier unlock MUST STAY AWAY from Redsn0w and stock iOS 4.3.2 firmware.

Redsn0w 0.9.6rc14 for Windows

Direct Download Links for iOS 4.3.2 / 4.2.7 (Official from Apple)

iPhone 4 (GSM)
iPhone 4, iOS 4.2.7 (Verizon)
iPhone 3GS
iPad 2 WiFi
iPad 2 GSM
iPad 2 CDMA
iPad
iPod touch 3G
iPod touch 4G