  The propeller effect should cut off accretion in fast-spinning neutron star
high mass X-ray binaries (HMXBs) at low mass transfer rates. However, accretion
continues in some HMXBs at $L_{x} < 10^{34}$ erg s$^{-1}$, as evidenced by
continuing pulsations. Indications of spectral softening in systems in the
propeller regime suggest that some HMXBs are undergoing fundamental changes in
their accretion regime. A 39 ks \textit{XMM-Newton} observation of the
transient HMXB V0332+53 found it at a very low X-ray luminosity ($L_{x} \sim
4\times 10^{32}$ erg s${^{-1}}$). A power-law spectral fit requires an
unusually soft spectral index ($4.4^{+0.9}_{-0.6}$), while a magnetized neutron
star atmosphere model, with temperature \lt\ 6.7$\pm 0.2$ K and inferred
emitting radius of $\sim0.2-0.3$ km, gives a good fit. We suggest that the
quiescent X-ray emission from V0332+53 is mainly from a hot spot on the surface
of the neutron star. We could not detect pulsations from V0332+53, due to the
low count rate. Due to the high $N_H$, thermal emission from the rest of the
neutron star could be only weakly constrained, to \lt\
$<$6.14$^{+0.05}_{-6.14}$ K, or $<3\times10^{33}$ erg s${^{-1}}$.
