Yes, sure.

Also, I am using linux kernel with PAE support, because I have 8Gb of RAM and want it all available on my 32-bit Ubuntu installation:
ii  linux-generic-pae                    2.6.32.29.35

# strace setcap 'cap_net_bind_service=+ep' /tmp/prog.x 
execve("/sbin/setcap", ["setcap", "cap_net_bind_service=+ep", "/tmp/prog.x"], [/* 30 vars */]) = 0
brk(0)                                  = 0x92e3000
access("/etc/ld.so.nohwcap", F_OK)      = -1 ENOENT (No such file or directory)
mmap2(NULL, 8192, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0xb7749000
access("/etc/ld.so.preload", R_OK)      = -1 ENOENT (No such file or directory)
open("/etc/ld.so.cache", O_RDONLY)      = 3
fstat64(3, {st_mode=S_IFREG|0644, st_size=59373, ...}) = 0
mmap2(NULL, 59373, PROT_READ, MAP_PRIVATE, 3, 0) = 0xb773a000
close(3)                                = 0
access("/etc/ld.so.nohwcap", F_OK)      = -1 ENOENT (No such file or directory)
open("/lib/libcap.so.2", O_RDONLY)      = 3
read(3, "\177ELF\1\1\1\0\0\0\0\0\0\0\0\0\3\0\3\0\1\0\0\0 \17\0\0004\0\0\0"..., 512) = 512
fstat64(3, {st_mode=S_IFREG|0644, st_size=13852, ...}) = 0
mmap2(NULL, 16688, PROT_READ|PROT_EXEC, MAP_PRIVATE|MAP_DENYWRITE, 3, 0) = 0xb7735000
mmap2(0xb7738000, 8192, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_FIXED|MAP_DENYWRITE, 3, 0x2) = 0xb7738000
close(3)                                = 0
access("/etc/ld.so.nohwcap", F_OK)      = -1 ENOENT (No such file or directory)
open("/lib/tls/i686/cmov/libc.so.6", O_RDONLY) = 3
read(3, "\177ELF\1\1\1\0\0\0\0\0\0\0\0\0\3\0\3\0\1\0\0\0000m\1\0004\0\0\0"..., 512) = 512
fstat64(3, {st_mode=S_IFREG|0755, st_size=1405508, ...}) = 0
mmap2(NULL, 1415592, PROT_READ|PROT_EXEC, MAP_PRIVATE|MAP_DENYWRITE, 3, 0) = 0xb75db000
mprotect(0xb772e000, 4096, PROT_NONE)   = 0
mmap2(0xb772f000, 12288, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_FIXED|MAP_DENYWRITE, 3, 0x153) = 0xb772f000
mmap2(0xb7732000, 10664, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_FIXED|MAP_ANONYMOUS, -1, 0) = 0xb7732000
close(3)                                = 0
access("/etc/ld.so.nohwcap", F_OK)      = -1 ENOENT (No such file or directory)
open("/lib/libattr.so.1", O_RDONLY)     = 3
read(3, "\177ELF\1\1\1\0\0\0\0\0\0\0\0\0\3\0\3\0\1\0\0\0\360\r\0\0004\0\0\0"..., 512) = 512
fstat64(3, {st_mode=S_IFREG|0644, st_size=17860, ...}) = 0
mmap2(NULL, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0xb75da000
mmap2(NULL, 20588, PROT_READ|PROT_EXEC, MAP_PRIVATE|MAP_DENYWRITE, 3, 0) = 0xb75d4000
mmap2(0xb75d8000, 8192, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_FIXED|MAP_DENYWRITE, 3, 0x3) = 0xb75d8000
close(3)                                = 0
mmap2(NULL, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0xb75d3000
set_thread_area({entry_number:-1 -> 6, base_addr:0xb75d36c0, limit:1048575, seg_32bit:1, contents:0, read_exec_only:0, limit_in_pages:1, seg_not_present:0, useable:1}) = 0
mprotect(0xb75d8000, 4096, PROT_READ)   = 0
mprotect(0xb772f000, 8192, PROT_READ)   = 0
mprotect(0xb7738000, 4096, PROT_READ)   = 0
mprotect(0x804a000, 4096, PROT_READ)    = 0
mprotect(0xb7767000, 4096, PROT_READ)   = 0
munmap(0xb773a000, 59373)               = 0
brk(0)                                  = 0x92e3000
brk(0x9304000)                          = 0x9304000
capget(0x20080522, 0, NULL)             = -1 EFAULT (Bad address)
capget(0x20080522, 0, {CAP_CHOWN|CAP_DAC_OVERRIDE|CAP_DAC_READ_SEARCH|CAP_FOWNER|CAP_FSETID|CAP_KILL|CAP_SETGID|CAP_SETUID|CAP_SETPCAP|CAP_LINUX_IMMUTABLE|CAP_NET_BIND_SERVICE|CAP_NET_BROADCAST|CAP_NET_ADMIN|CAP_NET_RAW|CAP_IPC_LOCK|CAP_IPC_OWNER|CAP_SYS_MODULE|CAP_SYS_RAWIO|CAP_SYS_CHROOT|CAP_SYS_PTRACE|CAP_SYS_PACCT|CAP_SYS_ADMIN|CAP_SYS_BOOT|CAP_SYS_NICE|CAP_SYS_RESOURCE|CAP_SYS_TIME|CAP_SYS_TTY_CONFIG|CAP_MKNOD|CAP_LEASE|CAP_AUDIT_WRITE|CAP_AUDIT_CONTROL|CAP_SETFCAP, CAP_CHOWN|CAP_DAC_OVERRIDE|CAP_DAC_READ_SEARCH|CAP_FOWNER|CAP_FSETID|CAP_KILL|CAP_SETGID|CAP_SETUID|CAP_SETPCAP|CAP_LINUX_IMMUTABLE|CAP_NET_BIND_SERVICE|CAP_NET_BROADCAST|CAP_NET_ADMIN|CAP_NET_RAW|CAP_IPC_LOCK|CAP_IPC_OWNER|CAP_SYS_MODULE|CAP_SYS_RAWIO|CAP_SYS_CHROOT|CAP_SYS_PTRACE|CAP_SYS_PACCT|CAP_SYS_ADMIN|CAP_SYS_BOOT|CAP_SYS_NICE|CAP_SYS_RESOURCE|CAP_SYS_TIME|CAP_SYS_TTY_CONFIG|CAP_MKNOD|CAP_LEASE|CAP_AUDIT_WRITE|CAP_AUDIT_CONTROL|CAP_SETFCAP, 0}) = 0
capget(0x20080522, 0, NULL)             = -1 EFAULT (Bad address)
capset(0x20080522, 0, {CAP_CHOWN|CAP_DAC_OVERRIDE|CAP_DAC_READ_SEARCH|CAP_FOWNER|CAP_FSETID|CAP_KILL|CAP_SETGID|CAP_SETUID|CAP_SETPCAP|CAP_LINUX_IMMUTABLE|CAP_NET_BIND_SERVICE|CAP_NET_BROADCAST|CAP_NET_ADMIN|CAP_NET_RAW|CAP_IPC_LOCK|CAP_IPC_OWNER|CAP_SYS_MODULE|CAP_SYS_RAWIO|CAP_SYS_CHROOT|CAP_SYS_PTRACE|CAP_SYS_PACCT|CAP_SYS_ADMIN|CAP_SYS_BOOT|CAP_SYS_NICE|CAP_SYS_RESOURCE|CAP_SYS_TIME|CAP_SYS_TTY_CONFIG|CAP_MKNOD|CAP_LEASE|CAP_AUDIT_WRITE|CAP_AUDIT_CONTROL|CAP_SETFCAP, CAP_CHOWN|CAP_DAC_OVERRIDE|CAP_DAC_READ_SEARCH|CAP_FOWNER|CAP_FSETID|CAP_KILL|CAP_SETGID|CAP_SETUID|CAP_SETPCAP|CAP_LINUX_IMMUTABLE|CAP_NET_BIND_SERVICE|CAP_NET_BROADCAST|CAP_NET_ADMIN|CAP_NET_RAW|CAP_IPC_LOCK|CAP_IPC_OWNER|CAP_SYS_MODULE|CAP_SYS_RAWIO|CAP_SYS_CHROOT|CAP_SYS_PTRACE|CAP_SYS_PACCT|CAP_SYS_ADMIN|CAP_SYS_BOOT|CAP_SYS_NICE|CAP_SYS_RESOURCE|CAP_SYS_TIME|CAP_SYS_TTY_CONFIG|CAP_MKNOD|CAP_LEASE|CAP_AUDIT_WRITE|CAP_AUDIT_CONTROL|CAP_SETFCAP, 0}) = 0
lstat64("/tmp/prog.x", {st_mode=S_IFREG|0755, st_size=2660914327, ...}) = 0
write(2, "Failed to set capabilities on fi"..., 89Failed to set capabilities on file `/tmp/prog.x' (Value too large for defined data type)
) = 89
write(2, "usage: setcap [-q] [-v] (-r|-|<c"..., 140usage: setcap [-q] [-v] (-r|-|<caps>) <filename> [ ... (-r|-|<capsN>) <filenameN> ]

 Note <filename> must be a regular (non-symlink) file.
) = 140
exit_group(1)