12v32 is usually terminology reserved for light bulbs. You will normally see this in this context:
12V32D or 12 volt 32 degrees where 12 volts is the input power source and 32 degrees indicates the spread of light that it emits. There will also normally be a power output in terms of watts. Many of these small bulbs are in the 10-30watt range.
You see these in Marquee displays, carnival and amusement rides, etc.