Does this mean that windows XP is unable to read/write to FAT32 volumes larger than 32GB?
No, reading & writing is fine.
Or does it just mean it is unable to FORMAT fat32 larger than 32 GB?
Would it be possible to format a 75 GB FAT 32 partition from linux and make it accessible using windows XP?
(presuming Linux can format 75GB FAT32 partitions)