Unfortunately if your monitor does not support that resolution (which by the looks of things it doesnt) there isnt anything you can do about it.
Have you checked what the max screen resolution is that your monitor will take?
Try updating your graphics driver
I'm having the same problem. At one point in time I had a full 64-bit and could adjust the resolution to whatever I wanted. I had to reinstall windows and now my windows 7 is only a 32-bit and has this one option for resolution. I think it's a directx/graphics card problem as my PC is a laptop and the CD was for a desktop, so I don't think they are compatible, yet when I try to get the hardware/software online and it won't allow me to configure the new settings. I'm afraid to mess with anything and have yet to find any threads with help for this situation. I wouldn't have a problem if it still let me play online games, but I keep getting graphics error messages, and if I upload a video to youtube it's reduced and not filling the video box. Most likely I need to just get a new laptop or buy a copy of windows 7 64-bit, but if there was any way, for free, that I didn't have to do that, it would be nice. Help me obi wan kenobi, you're my only hope!