I'm just talking about the usual downloading, right click on the .rar, and "extract here" process (i usually do it in a folder on my desktop dedicated to the game)... like, you aren't double clicking on the .rar and dragging out just the .exe, right?
Other things i can think of are you playing on some hidden folder (again, i recommend putting your .rar on a dedicated new folder on the desktop and do "extract here"), or on something like a USB, or maybe needing to use applocale if your system is in some odd language... consider redownloading it too, maybe something went wrong.
If all fails, see if a way older version that had the 32 bit .exe included works (i think 0.31 had it), even just to test if an older version runs fine.