CONFIG_ETRAX_ARCH_V32 is not available for thedefaultarchitecture x86.
Result is shown for architecture cris

CONFIG_ETRAX_ARCH_V32 (not configurable)

configname: CONFIG_ETRAX_ARCH_V32

Linux/CRIS Kernel Configuration
└─>Hardware setup
└─>ETRAX_ARCH_V32
In linux kernel since version 2.6.25 (release Date: 2008-04-16)  
is selected by
CONFIG_ETRAX_AXISFLASHMAP