Well yes, it should be, here is a good way, for future reference, to figure it out...
2800mhz/200mhz = 14x multiplier
3200mhz/14x = 228mhz <- that is the fsb needed for your desired overclock.
I am pretty sure that PC3700 is DDR466 (2x233). Also, P4 boards generally have a 4:5 bus divider. So you can do...
228*4/5 = 182.4
But that would defeat the purpose of PC3700 memory.