Windows xp 64 bit can run any program for win xp 32 bit, they simply run in 32 emulated mode, you can see it in the taskmanager.
BUT, if the program require drivers, these drivers must exist for 64 bit windows for the program to run.
I am running 64 bit win xp as my primary OS, and i have 32 bit windows as secondary, but i rarely use win xp 32 bit
firewall and antivirus is another problem area with 64 xp. But they exist. i use comodo firewall and avast antivirus.
Terragen runs fine in win xp 64 bit.
The following problems i have not been able to resolve yet.
- no 64 bit driver for my printer
- iTunes, it's actually because of quicktime, for some reason the installation of quicktime fails.
Of course you should check if there is 64 bit drivers for all the devices you want to work in winxp 64 bit. Perhaps a good place to start is your motherboard drivers and graphic card drivers.