Is this a suitable driver?

http://cgi.ebay.com.au/LM317-Adjust...ageNameZWD2VQQcmdZViewItem?_trksid=p1638.m122

Would you think this be suitable to run a 3.2 - 5v red laser diode? Its based on the LM317 Regulator and comes pre assembled and includes a pot to alter the voltage.

Any got anything to say about this??

It is a voltage regulator, not a current regulator...so the answer is no.