I need to know how to set the cranckshaft position on a 3.2 ranger without using a locking tool...

You didn't specify a year, and "3.2"? Do you mean 2.3L?

Here is a PDF mini-guide for replacing a CPS on a 2.3L Ranger, mid '00's. Link: https://drive.google.com/open?id=1wLnMBABxVIjGrNBwxmWE7lwiYWH2S7KO

You need to buy a service manual if you are going to monkey around with the timing.

Its a 3.2 Litre 5 cylinder Ford Ranger, not sure of the year, roundabout 2007.

The engine seized up due to a burst water pipe, I found a suitable replacement engine but came without a fuel pump so the timing needs to be set. According to Ford specialists a cranckshaft locking tool is required to set the shaft in the correct position as there are no marks or key ways to offer any sign as to where the position is. I could rent a tool, but at this time there are none available, and time is slim, thus I ask the question. Is it possible to set the timing without this tool on this 3.2 litre 5 cylinder ford ranger

This must be Australia or UK, I can only look up US guides, but if I'm not mistaken most crank sensors come with an alignment tool, but you'll need the timing peg, buy or borrow one, they usually come in a kit, and be sure to follow the repair manual, if you don't want to go to those additional expenses then pay a shop to replace the sensor.

"Is it possible to set the timing without this tool on this 3.2 litre 5 cylinder ford ranger" - I think you'll find that tool (timing pin/peg) is essential.

Thank You for your time and feedback, ill be sure to take up this advice. Oh excuse me, I should have added that Im in South Africa, this might be the reason this model is not included in your data sheets. Nevertheless, thank You.