After you download the liveupdate utility, install it and a desktop icon should appear. While online, click on the icon. As I remember, a small black window will appear while the bios is being updated. Do not stop while it's loading. Let it finish, or you will have a dead motherboard. After it's done, it will reboot automatically or ask you to do so. It's been awhile since I last used it.
I didn't have any bios errors when flashing. Another point is to set your bios to the default settings before flashing, and be sure your power supply is perfect. If it shuts down or reboots during the flash, then your board won't post and you may need a new one. If your system is running well, then flashing may make it worse, especially when overclocking. So if you don't need to, I would leave it alone.