Anything I should know before updating my BIOS? I've done it plenty of times before but never on a system that was already loaded with windows and running. I've always done it on a brand new setup, so I'm not sure if I need to do anything different if I already have Windows/My Docs/Apps/Etc. up and running.
No need to do anything different. I've done it plenty of times after system was up and running, including in windowsXP using MSI online live update (reboot required after) and never had a problem.