It appears that specifying the KEY_WOW64_64KEY
flag (reference) when accessing a registry key under 32-bit Windows XP has no effect - that is, no error
Also, you should usually be avoiding this key - WOW64 provides a pretty complete "illusion" to 32-bit apps; just write your app properly on 32-bit without this flag, and it will still work on WOW64. Don't try to use this flag (and other mechanisms) to be "64-bit compatible".
I have tested on Windows XP 32 bit, and it seems to work OK.
I can't speak to Windows 2000 or XP, but I know that on Vista and above, KEY_WOW64_64KEY opens the registry key in the 64bit registry if it's a 64bit OS and the 32bit registry if it's a 32bit OS.