I guess it would be possible if MS really wanted to, but on the other hand the work needed to support that might be a lot more than it's worth, and I guess the kernel might get a good deal more overhead.
Getting hardware vendors to release 64bit drivers for their hardware is a lot easier than getting software vendors to release 64bit versions of their applications, and the absolute hardest thing is to get regular users to upgrade their entire application collection to 64bit, which of course is not going to happen, not even for the technology freaks among us. So MS have every reason to get 32bit applications working if they want to sell their OS. There's not nearly as a big an incentive to support 32bit drivers.