It may just not be telling you that. gcc does something similar -- regardless of the patchlevel of your gcc, it'll only tell you the "official" version numbers. If you're running 3.2.1-7 (or something), for example, then gcc -dumpversion will only tell you 3.2.1.
So it still may have been upgraded.
Can you look around on your CDs for which version is included there? If it's 2.3.2-5, then try upgrading more than just glibc-profile and glibc-debuginfo. I don't suppose you have RHN access, do you? That'd make it easier...