Determine HDD maximum size

Well, that's a very old motherboard. The latest bios can be found here: http://www.gigabyte.com/products/product-page.aspx?pid=1451&dl=1#bios
Concerning the disk size: It's very likely limited to 137GB. You may be better of with a pci sata controller. That supports bigger and cheaper disk, because the old ide drives tend to get expensive.

Changing to a SATA controller in the PCI bus, as noidea_77 suggests, is an option. The only "trick" is that your machine's BIOS must be able to make use of the BIOS extensions on the PCI card to be able to BOOT from a disk attached to that card. Many BIOS's can do this, but not guaranteed with an older board like this.

If you stick with an IDE drive, here are two points to consider:
1. Make sure the data cable (ribbon) for the IDE drives is 80-conductor. The older cables had 40 wires in them, the newer ones have 80, even though the connectors on the ends only have 40 holes. To check, start counting across the ribbon. If you get ¼ of the way across and you've already counted 20 wires, you are OK. You need the 80-conductor cable to ensure that the data transfer rate along the cable will be as fast as the mobo's IDE controllers can go, and that MAY be better than ATA66.

2. I agree the mobo will be limited to max 137 GB HDD size (probably not smaller), and that's a hard size to find. I had to do this replacement on a mobo from the same era with the same limit. To do it I used a feature in many Seagate HDD's. If you buy one of their HDD's and download their free diagnostic tool kit Seatools for DOS, you can enable this trick. (You get Seatools for DOS as an .iso image file, which needs to be burned to a CDR disk. You then boot from this CD and it loads and runs its own mini-DOS, giving you a menu system for the tools. You do NOT need a working HDD in your system to run the "for DOS" version.) Anyway, one of the tools in there allows you to tell the HDD to change its maximum size to something smaller that you specify. From then on it will ALWAYS behave (and tell the world) that is is the size you said, and no larger. That way it cannot allow anything to use the space above the limit you set. What limit? Well, you tell it the maximum NUMBER of SECTORS it can use (also known as the maximum LBA address). You need to know that the limit is because the LBA addressing system in this older mobo uses a 28-bit binary address, so the maximum number of Sectors it can address is 2^28, or 268,435,456. since one Sector can hold 512 bytes, that is 137,438,953,472 - aka 137 GB. I bought a 160 GB Seagate HDD with IDE interface, then used Seatools for DOS to tell it to use 268,435,456 as the maximum LBA address on that drive, and it works perfectly. Moreover, nothing will ever be able to try to use that "wasted" extra space by accident. (That's important because trying to do that can cause significant data corruption.) By the way, although you won't need it, Seatools for DOS also has a tool to reset the max to the real full size of the HDD, if ever you need that.

If the bios doesn't work, it's obviously a different motherboard. Please check the exact model again. The 32Gb limit and the later 132Gb limit are caused by the address length used to access the disk.

I agree with noidea_77 - check your mobo identification carefully.

You should understand that you can't just use ANY Award BIOS update. Award writes and licenses BIOS's, but every mobo needs a customized version to fit its exact components. So you need the right update from your mobo maker's website, NOT just anything from AWARD for that chipset. And it MUST be for exactly your mobo, not just something with a similar name.