diff --git a/.hgtags b/.hgtags
index 7ac43b08043..0830aaff96a 100644
--- a/.hgtags
+++ b/.hgtags
@@ -94,3 +94,4 @@ cfa9364997c7f2e67b9cbb45c3a5fa3bba4e4999 v3.2.1rc1
 ac1f7e5c05104d557d5acd922e95625ba5d1fe10 v3.2.1
 c860feaa348d663e598986894ee4680480577e15 v3.2.2rc1
 137e45f15c0bd262c9ad4c032d97425bc0589456 v3.2.2
+7085403daf439adb3f9e70ef13f6bedb1c447376 v3.2.3rc1
diff --git a/Doc/license.rst b/Doc/license.rst
index 41ae1fe51b9..cb20c833caf 100644
--- a/Doc/license.rst
+++ b/Doc/license.rst
@@ -118,6 +118,8 @@ been GPL-compatible; the table below summarizes the various releases.
 +----------------+--------------+------------+------------+-----------------+
 | 3.2.2          | 3.2.1        | 2011       | PSF        | yes             |
 +----------------+--------------+------------+------------+-----------------+
+| 3.2.3          | 3.2.2        | 2012       | PSF        | yes             |
++----------------+--------------+------------+------------+-----------------+
 
 .. note::
 
diff --git a/Include/patchlevel.h b/Include/patchlevel.h
index 1b8e6d4a947..334478d71ea 100644
--- a/Include/patchlevel.h
+++ b/Include/patchlevel.h
@@ -18,12 +18,12 @@
 /*--start constants--*/
 #define PY_MAJOR_VERSION	3
 #define PY_MINOR_VERSION	2
-#define PY_MICRO_VERSION	2
-#define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_FINAL
-#define PY_RELEASE_SERIAL	0
+#define PY_MICRO_VERSION	3
+#define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_GAMMA
+#define PY_RELEASE_SERIAL	1
 
 /* Version as a string */
-#define PY_VERSION      	"3.2.2+"
+#define PY_VERSION      	"3.2.3rc1"
 /*--end constants--*/
 
 /* Subversion Revision number of this file (not of the repository). Empty
diff --git a/LICENSE b/LICENSE
index 8b6760dcdc6..43388e7e13a 100644
--- a/LICENSE
+++ b/LICENSE
@@ -73,6 +73,7 @@ the various releases.
     3.2             3.1         2011        PSF         yes
     3.2.1           3.2         2011        PSF         yes
     3.2.2           3.2.1       2011        PSF         yes
+    3.2.3           3.2.2       2012        PSF         yes
 
 Footnotes:
 
diff --git a/Lib/distutils/__init__.py b/Lib/distutils/__init__.py
index 9ec61658649..369750551c9 100644
--- a/Lib/distutils/__init__.py
+++ b/Lib/distutils/__init__.py
@@ -13,5 +13,5 @@ used from a setup script as
 # Updated automatically by the Python release process.
 #
 #--start constants--
-__version__ = "3.2.2"
+__version__ = "3.2.3rc1"
 #--end constants--
diff --git a/Lib/idlelib/idlever.py b/Lib/idlelib/idlever.py
index 97bf87bbc29..cbcda05fdb0 100644
--- a/Lib/idlelib/idlever.py
+++ b/Lib/idlelib/idlever.py
@@ -1 +1 @@
-IDLE_VERSION = "3.2.2"
+IDLE_VERSION = "3.2.3rc1"
diff --git a/Misc/NEWS b/Misc/NEWS
index eeab400741d..e2523d0f7d9 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -2,22 +2,22 @@
 Python News
 +++++++++++
 
-What's New in Python 3.2.3?
-===========================
+What's New in Python 3.2.3 release candidate 1?
+===============================================
 
-*Release date: XX-XXX-2011*
+*Release date: 24-Feb-2011*
 
 Core and Builtins
 -----------------
 
-- Issue #14084: Fix a file descriptor leak when importing a module with a
-  bad encoding.
-
 - Issue #13703: oCERT-2011-003: add -R command-line option and PYTHONHASHSEED
   environment variable, to provide an opt-in way to protect against denial of
   service attacks due to hash collisions within the dict and set types.  Patch
   by David Malcolm, based on work by Victor Stinner.
 
+- Issue #14084: Fix a file descriptor leak when importing a module with a
+  bad encoding.
+
 - Issue #13020: Fix a reference leak when allocating a structsequence object
   fails.  Patch by Suman Saha.
 
diff --git a/Misc/RPM/python-3.2.spec b/Misc/RPM/python-3.2.spec
index 40943c03ded..985b79ba711 100644
--- a/Misc/RPM/python-3.2.spec
+++ b/Misc/RPM/python-3.2.spec
@@ -39,7 +39,7 @@
 
 %define name python
 #--start constants--
-%define version 3.2.2
+%define version 3.2.3rc1
 %define libvers 3.2
 #--end constants--
 %define release 1pydotorg
diff --git a/PC/python_nt.rc b/PC/python_nt.rc
index 8cccf2dc2ae..5295610ae17 100644
--- a/PC/python_nt.rc
+++ b/PC/python_nt.rc
@@ -61,7 +61,7 @@ BEGIN
             VALUE "FileDescription", "Python Core\0"
             VALUE "FileVersion", PYTHON_VERSION
             VALUE "InternalName", "Python DLL\0"
-            VALUE "LegalCopyright", "Copyright © 2001-2011 Python Software Foundation. Copyright © 2000 BeOpen.com. Copyright © 1995-2001 CNRI. Copyright © 1991-1995 SMC.\0"
+            VALUE "LegalCopyright", "Copyright © 2001-2012 Python Software Foundation. Copyright © 2000 BeOpen.com. Copyright © 1995-2001 CNRI. Copyright © 1991-1995 SMC.\0"
             VALUE "OriginalFilename", PYTHON_DLL_NAME "\0"
             VALUE "ProductName", "Python\0"
             VALUE "ProductVersion", PYTHON_VERSION
diff --git a/README b/README
index 34bc9e43bbf..2ed1c05f95a 100644
--- a/README
+++ b/README
@@ -1,5 +1,5 @@
-This is Python version 3.2.2
-============================
+This is Python version 3.2.3 rc1
+================================
 
 Copyright (c) 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011,
 2012 Python Software Foundation.  All rights reserved.