Your CPU IS 64 bits.
So, YES, you can install a 64 bits OS.
If you have access to the 64 bits version of XP, you can use it.
You should NOT EVER try to use Vista.
Windows 7 should work correctly. It needs less CPU power than vista...
Backup ALL your data as it will probably reguire you to reformat the drive.
Now, you can't use all of your RAM, with the 64 bit OS, you will be able to use it all.
Electro, November 2011