Can a 32-bit processor really address 2^32 memory locations?

Question

I feel this might be a weird/stupid question, but here goes...

In the question Is NULL in C required/defined to be zero?, it has been established that the NULL

Answer 1

If a 32-bit processor can address 2^32 memory locations, that simply means that a C pointer on that architecture can refer to 2^32 - 1 locations plus NULL.