Here is a advanced guide for you to use redsn0w 0.9.6RC12 for tethered jailbreak iOS 4.3.2 iPhone, iPad, iPod touch if the exploit from i0n1c is still available.
Step 1: Download iOS 4.3.2 firmware, redsn0w 0.9.6RC12, iTunes 10.2 or later, put all these thing in a file on your desktop, say pwnage.
Step 2: Connect your device to computer via USB and start iTunes, hold down Shift (windows), Alt (Mac) button and click the iOS 4.3.2 firmware in step 1 and Restore.
Step 3: Run redsn0w 0.9.6RC12 and browse, following select the 4.3.1 firmware ipsw we placed in the Pwnage folder.
Step 4: Redsn0w will start verify the firmware, click next.
Step 5: Redsn0w will start preparing the jailbreak data.
Step 6: Preparing the jailbreak data. Step 7: Choode the option you like.
Step 8: Make sure you have ticked "Install Cydia" option.
Step 9: Turn off your device and plug into computer.
Step 10: Redsn0w will promote you to enter DFU mode, just follow the instructions.
Step 11: After entering the DFU mode, your device will reboot, uploading the new RAM Disk and Kernel.
Step 12: When Done button appears, your device will reboot for about 15 minutes, after that, you will get a untethered jailbroken iDevice running on iOS 4.3.2.