You're either decades ahead of your time, or insane. 32 bits for a ref count should be enough for the next 20 years or so.
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I like being mad :)
Leaving aside design considerations, it's flat-out impossible. Under 32-bit addressing, you only have 4 gigabytes of RAM anyway. If the reference count was actually equal to 2^32-1, that would imply an equal number of references to an object, and since any such reference will be at least as large as a pointer, this would require 16 gigabytes to represent. But we don't have 16 gigabytes, as we already said we are using 32-bit addressing. Contradiction. QED.