Virtualbox doesn't offer any 32bit binaries, so the easy way to do it is simply not available.
That leaves compiling from source as the only option. You could probably do it, using the respective SlackBuild from SBo.
You'll definitely need to upgrade your kernel to the latest available first, if you don't already have it:
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sudo slapt-get --update
sudo slapt-get --install kernel-huge-smp kernel-modules-smp kernel-headers kernel-firmware
make sure you update LILO if you're using it:
and reboot.
Also install the kernel-source package
and then you should be able to install virtualbox either from the terminal:
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sudo slapt-src -u
sudo slapt-src -i virtualbox
or through the Sourcery GUI (in the System menu). It should probably take a very long time to build. I've never done it myself.
The virtualbox you'll get this way would be limited in any case. You won't be able to run any 64bit operating systems I guess, but that's a limitation of your architecture.
If any errors come up, post them here and we'll see what we can do.