Yep. The other posters are right.
It is 8 bits each for red,green and blue and either 8 bits are unused or 8 bits of transparency I am not sure.
Only high end professional cards can use more than 8 bits/pixel. 24/32 bit can display almost 16.8 million colors.
The alternatives:
24 bit which is the same as 32 bit without the extra channel - 16.8m colors
16 bit which is usually 5 bits red, 6 bits green and 5 bits blue. Color blending looks a bit less smooth. Common on old cards. I don't mind it. 65.5k colors
15 bit which is 5 bit red, 5 bit green, 5 bit blue, rare due to it not being a multiple of two. 32.7k color and it looks similar to 16 bit.
8 bit which is usually palletized, very old and does not look too great except in the early 1990s - 256 colors
4 bit, 16 colors. Very bad and virtually unheard of now but common in the early 1990s.
2 bit and 1 bit are 4 colors and monochrome respectively. Quite ancient (1980s).
To sum it up, 32 bits per pixel is normal for a modern card and no improvement is possible.