Hi Ola,
If you checked it out of CVS, it's not 3.2.5. It's 3.2.6 in the making. Please download the tarball from openacs.org
You're running a development version of PostgreSQL 7.2. I haven't tested it on 7.2 and I haven't of anyone who has, so you could be our tester on that. Would you grab the 3.2.5 tarball and try to load it on 7.2 and let us know how it goes please?