Final answer:
The severe pain, uterine tenderness, and fetal distress point to a diagnosis of placental abruption, especially given the patient's risk factors, including substance use.
Step-by-step explanation:
The presentation of severe abdominal pain and a small amount of bleeding at 32 weeks gestation, with a tense and very tender uterus, and the ultrasound findings of a fundal placenta with a cephalic presentation of the fetus, make placental abruption the most likely diagnosis. Placental abruption occurs when the placenta detaches from the uterine wall before delivery, which can cause the described symptoms. The small amount of bleeding through the os and the category III fetal heart tracing (which indicates severe fetal distress) are also consistent with this diagnosis. Pregnancy complications such as those associated with tobacco and crack cocaine use can increase the risk of placental abruption.