Can I run 64-bit?

I'm with MrDemon - get the BIOS update directly from MSI.

The safest way to flash the BIOS is from a real DOS environment. (I've used a bootable USB flash drive, prepared using a utility from HP: HP Drive Key Boot Utility - HP Business Support Center)

I'd say that a BIOS update is safe, never failing for me over about 15 years. (Of course, I bricked two P67 boards earlier this year with BIOS upgrades. Both appeared to install correctly, but the system remained unbootable. Maybe it was due to them not using a traditional BIOS, but rather uEFI.)

I recommend installing Win7 from a USB key drive as well:

Use a USB Key to Install Windows 7

The installation goes much more quickly than from a DVD.

I would back up all data and clear the drive completely. I always like to start my installs with a blank drive.

As for system specs, you posted them, yes, but most people here tend to look to the link below your posts. If you know enough to create that image with those various screenshots included, filling out your system specs should be simple. It is your computer, after all, so you should know what is running in it.

@ Spite
If you are going to make a clean install of your HDD, then make a backup of your data to an external USB-HDD, (because a clean install wipe the drive), boot your computer from the suggested USB-win7-64bit and when finished installing the OS, you can then re-copy your data to the drive.

You have to purchase one because it is imperative for you later to make images of your OS, or you can burn your data into a DVD.

Good luck

That is why i've suggested an external HDD.