Hi there and welcome to the Wowza support forum.
Can you please re-start Wowza in stand alone mode [install-dir]/bin/startup.bat. This will output the logs to a console window. Please look for any errors or warnings in the logs and post them here.
Also, here is a user submitted solution for 32 bit OS which may be of some help to you:
Solved: Cannot Start WSE 4.0.0 on 32 bit OS
Thank you.
Salvadore