Have you waited a while to see if it plays later? If you import a movie that has the audio in a different format than what you have selected for the project (e.g. 48 kb/s vs 32 kb/s) then it will have to modify the audio. You can tell when it is doing this by the message "Conforming audio" or...
The FAT32 format can only support files up to 4GB. In some OSes, the practical limit for FAT32 is actually 2GB, due to a roll over to negative numbers. In either case, your file is too big for FAT32.
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