NO – The limitation in in the guest operating system, however Microsoft has increased the memory limit on versions greater than standard via service packs. This chart should help clear it up a bit.
The page I referenced even talks about Windows Server 2008 as well. It has the same limitation in standard edition 32bit. This is likely a combination of windows marketing and the fact that PAE is needed to support more than 4GB of memory using a 32bit processor.
This limit is greatly reduced by using a 64bit processor, runor has it that Windows 2008 is the last 32 bit version of windows. Only time will tell.