Shared memory for graphics
If you don't have a dedicated graphics card in your PC, the on-board GPU has to use some system RAM as VRAM (shared memory in other words). Obviously this will reduce the amount of installed RAM that's left for Windows & applications.
32-bit Windows has an addressable RAM limit of just over 3GB.
That being the case, and with some RAM being reserved for the on-board graphics hardware, that figure of 2.92GB usable in Windows is about right.
You need to upgrade to 64-bit Windows if you want more usable RAM available.