First build - I have built the system and it works without any error beeps!!
My question is what step is next, install win 7 then update bios or visa versa? I have looked and can not find a good reference on the proper steps. The Mobo book does not reference this either! My quess would be to install the os then use the net to update?
MOBO - ASUS P7P55D-E Pro LGA 1156 Intel P55 SATA 6Gb/s USB 3.0 ATX Intel Motherboard (MOBO p55 chipset CD revision 541)
CPU - i5-750 Lynnfield 2.66GHz LGA 1156 95W Quad-Core Processor
CM Hyper 212
CASE - HAF 922
Ram - G.SKILL Ripjaws Series 4GB (2 x 2GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Desktop Memory Model
GPU _ Sapphire 5770
Well nowadays BIOS can be updated from Windows so you'd probably need to install the OS first before updating BIOS (unless you have a floppy drive handy). If you do have a floppy drive I would do it from there instead.
Either way, when it comes to BIOS updates, I generally follow the rule of "if it ain't broke, don't fix it". If a BIOS update does not go through correctly, it means you probably just bricked your motherboard. You'd either need to replace the board or the BIOS chip (which may or may not require soldering).
If you've got every up and running properly, hard drives showing up correctly, RAM amount correct, etc., I would definitely not update BIOS. I usually look to update it in the event of PC problems.