When I build my project (any project, really - I tried creating a new empty project with the same results), it builds fine with GCC 4.2 under either Xcode4 or Xcode 3.2.4.
Might be a bug in Xcode 3.2.4 or the SDK configuration.
Try placing a line like one of these in your Build Settings Preprocessor Macros:
-D__IPHONE_OS_VERSION_MIN_REQUIRED=040100
or
-D__IPHONE_OS_VERSION_MIN_REQUIRED=030103