I haven't built glibc-2.3.2 for arm myself, but
http://sources.redhat.com/ml/bug-glibc/2003-05/msg00076.html and
http://www.linux.org.uk/pipermail/linux-arm/2003-November/006560.html
give me the distinct impression that you need the latest sysdep-cancel.h from
cvs.

Retrieved with

http://sources.redhat.com/cgi-bin/cvsweb.cgi/libc/linuxthreads/sysdeps/unix/sysv/linux/arm/sysdep-cancel.h.diff?cvsroot=glibc&r1=text&tr1=1.2&r2=text&tr2=1.6&f=u

===================================================================
RCS file: /cvs/glibc/libc/linuxthreads/sysdeps/unix/sysv/linux/arm/sysdep-cancel.h,v
retrieving revision 1.2
retrieving revision 1.6
diff -u -r1.2 -r1.6
--- libc/linuxthreads/sysdeps/unix/sysv/linux/arm/sysdep-cancel.h	2003/01/12 09:14:25	1.2
+++ libc/linuxthreads/sysdeps/unix/sysv/linux/arm/sysdep-cancel.h	2003/06/06 17:31:40	1.6
@@ -24,6 +24,17 @@
 
 #if !defined NOT_IN_libc || defined IS_IN_libpthread
 
+/* We push lr onto the stack, so we have to use ldmib instead of ldmia
+   to find the saved arguments.  */
+# ifdef PIC
+#  undef DOARGS_5
+#  undef DOARGS_6
+#  undef DOARGS_7
+#  define DOARGS_5 str r4, [sp, $-4]!; ldr r4, [sp, $8];
+#  define DOARGS_6 mov ip, sp; stmfd sp!, {r4, r5}; ldmib ip, {r4, r5};
+#  define DOARGS_7 mov ip, sp; stmfd sp!, {r4, r5, r6}; ldmib ip, {r4, r5, r6};
+# endif
+
 # undef PSEUDO_RET
 # define PSEUDO_RET						        \
     ldrcc pc, [sp], $4;						        \
@@ -34,7 +45,7 @@
 # define PSEUDO(name, syscall_name, args)				\
   .section ".text";							\
     PSEUDO_PROLOGUE;							\
-  ENTRY (name)								\
+  ENTRY (name);								\
     SINGLE_THREAD_P_INT;						\
     bne .Lpseudo_cancel;						\
     DO_CALL (syscall_name, args);					\
@@ -110,7 +121,7 @@
   ldr reg, 2b;								\
 3:									\
   add ip, pc, ip;							\
-  ldr ip, [ip, lr];							\
+  ldr ip, [ip, reg];							\
   teq ip, #0;
 #   define SINGLE_THREAD_P_INT						\
   str lr, [sp, $-4]!;							\