That would be 32 to the 8th power, or 109,995,111,628,000 (if I didn't fry my calculator in the process.) That's almost 110 trillion club set combinations, not including woods, wedges and putters. And let's not forget the possible permutations involving carrying multiple irons of the same number; i.e. two 5-irons and such.
Somehow I don't see that happening anytime soon.