Tested in kvm-83-105.el5-4.30, this problem does not exist.
cmd:
1. /usr/libexec/qemu-kvm -no-hpet -rtc-td-hack -usbdevice tablet -smp 2 -m 4G -drive file=f12_32.qcow2,if=ide -net nic,vlan=0,macaddr=20:88:99:11:99:31 -net tap,vlan=0,script=/etc/qemu-ifup -uuid `uuidgen` -cpu qemu64,+sse2 -vnc :16 -monitor stdio -boot n
result:
f12_32bit can be installed successfully and then can boot successfully.
An advisory has been issued which should help the problem
described in this bug report. This report is therefore being
closed with a resolution of ERRATA. For more information
on therefore solution and/or where to find the updated files,
please follow the link below. You may reopen this bug report
if the solution does not work for you.
http://rhn.redhat.com/errata/RHBA-2010-0434.html