Some things to consider:
* Does your php script call mysql_connect more than once with several different username/passwords or $new_link = true? This could lead to more than one connection per worker.
* Do you have any other services that connect to mysql? For example, Nagios or Cacti storing their configuration in a mysql database. This could lead to more connections that aren't made from php.
* Do you run any shell scripts or cron jobs (or use the mysql client) that connect to mysql? This could lead to more connections that aren't made from php.
* How do you backup your database? If you're using MyISAM and mysqldump then the database will be locked while it's begin backed up and other connections will queue up (and so your php workers will queue up, but only to the maximum of 8, at which point your website will stop working

).
* Do you have any slow queries? This point is similar to backups above: the faster you get into and out of the database, the sooner your connection will be available for someone else to use (as long as you close it when you're done instead of waiting until the end of the script).
You should configure mysql to have a handful of spare connections but you shouldn't need 32. Xaprb's improved mysql templates for cacti are a great way to monitor your actual connection usage.
I found 12-16 to be a good number of connections for a 360.