A Windows 7 ready motherboard is a motherboard that comes with drivers on the CD for Windows 7. If it not, all you have to do is install from the manufacturer's website. Any newer motherboard for the AM3 and Intel i5/i7 will be Windows 7 compatible (meaning it'll have the drivers on the CD or can be downloaded).
Yes... Your motherboard is Windows 7 ready motherboard.
Does that mean i have to buy the windows 7 operating system too.