Although this thread is old, I thought I would put my two cence in any way just in case any one want's to know about this particular information.
>The Intel P4 (Prescott) CPU 531 that you have is a 64-bit CPU, the 530 and 530(J) are both 32 bit CPU's, so yes you can install a 64-bit Operating System with the CPU that you have. All three of these support HTT which gives them a 15-30% performance increase as long as you have a Motherboard that supports HTT.
Here is a link to the correct information on your CPU 531, the 530 and the 530(J) : http://ark.intel.com/Compare.aspx?ids=27465,27464,27463,