How many horsepower is 32 cc?

Horsepower and engine size (cc) are not related in the way you mean. A 32 cc engine could be one quarter horsepower or 3 horsepower depending on it's design and how it's tuned.

In current Formula One racing, for instance, the engine size is 2.4 litres and many cars produce over 730 hp. - In an average sports car of 2.4 litres you may get 120 hp.