First, try to understand, what is really needed for your app - 32-bit kernel or 32-bit libs?
32-bit libs+utils can by normally deployed on any modern 64-bit Linux using LXC technology (more advanced) or even Debootstrap (more stupid):
apt-get install debootstrap
mkdir -p /home/chroot/First
debootstrap --arch=i386 precise /home/chroot/First http://archive.ubuntu.com/ubuntu/
mount --bind /dev /home/chroot/First/dev
mount --bind /proc /home/chroot/First/proc
mount --bind /sys /home/chroot/First/sys
mount --bind /opt/myapp/ /home/chroot/First/opt/myapp/
chroot /home/chroot/First
/opt/myapp/bin/myapp
If you want the more polished solution, then LXC can be configured in 5 minutes using https://code.google.com/p/lxc-loader/wiki/QuickStart article.
But if your app is so strange that requires 32-bit kernel...
apt-get install linux-image-generic-pae