Will installing Python 3.2 from the software center replace the default Python 2.7 on 12.04?
No, it won't.
Installing python 3.2 on 12.04 will not replace the python 2.7 already present. All applications using python 2.7 will continue to work and you can you use python 3.2 for whatever applications you want to run using
python3 filename
However, do not mess with the binary files, like replacing /usr/bin/python with /usr/bin/python3 or anything.
If you just want python to refer to python3 in your 12.04, just create aliases. This will safely prevent applications from misbehaving and/or crashing.
Btw, what is the default Python version in 14.04?
The default python version in 14.04 is python 2.7, although python 3.2 comes pre-installed. By default version, I mean, python refers to python 2.7.6.