well, its 32-bit
you can absolutely dual boot with the two. You will need a second serial key though.
You just need to have a second partition, or hard drive to have the dual boot.
you really shouldn't have any issues with the x64 OS. Nearly all modern hardware now has 64-bit driver. And i've never run into a program that didn't work on an x64 system (I've used them since 05 or 06)