Steve's information is not correct. 3.2.31 was a 16 bit version but I doubt that there would be problems running in on any windows version. 4.0 and above were 32 bit versions and I have had no trouble running them on windows 95, 98, 2000 and XP.
With your 3.2.31 version, if you had compiled for DOS it would need to run in a DOS window.
Unless you are calling any non-cobol routines it is generally better to build Micro Focus applications rather than link them.
Hope this helps,
Clive