The board will run 4gb. However, regardless of your CPU, the OS is 32bit. In a nutshell, with 4gb of memory installed, your OS will allow the system to assign approximately 2.6gb - 3.2gb for use by applications.
To "fully" utilize 4gb+ of memory, you need a CPU, MOBO (chipset) and OS that will allow you to use it all. Any weak link in the chain will cause you to be able to use less than 4gb.