Can CRC32 be used as a hash function? Any drawbacks to this approach? Any tradedeoffs?
Obviously you could, but you shouldn't. A crc32 poorly distributes the input bits to the hash. Also it certainly shouldn't ever be used as a one-way hash since it isn't one. It's very easy to modify a message to produce a given crc.
Use a hash algorithm designed for the purpose you have in mind, whatever that is.