.submit() not executed

.submit() not executed

Hello,
 
I have the following piece of JQuery in my script. I have added the alerts for debugging purposes.
 
  1. $(document).ready(function()
  2. {
  3.     $('.preview').click(function()
  4.     {
  5.         alert('1');
  6.         $('#form').submit(function()
  7.         {
  8.             alert('2');
  9.         });
  10.         alert('3');
  11.     });
  12. });
And the accompanying HTML is the following:
  1. <form method="post" action="form.php" id="form">
  2.     <input type="hidden" name="key" value="value" />
  3.     <input type="submit" name="submit" value="submit" />
  4. </form>
  5. <div class="preview">Submit</div>
When I click the div.preview, only 1 and 3 are alerted. In other words, JQuery is implemented properly, but the form is not submitted. I am using JQuery 1.3.2.
 
What did I do wrong? How can I submit the form using the div.preview?