To check whether it's 32bfp, right-click the file in Windows Explorer, choose Properties, and switch to the Audio Properties (or some such) tab. If 32bfp, the question is: how did it become so?
As fsulloway suggests, knowing what editing s/w you use may help. Just saw that you have both Audacity and Audition. Did you edit the file at all before opening in CD-Wave? If so, with which software? And how did you save/export the file you're trying to open in CD-Wave?
Most likely scenario: you edited the WAV, but saved/exported in 32bfp instead of dithering down to 24- or 16-bit.