Unless you need LOTS of memory, no real need to swap from Home to Ultimate.
Now, you need to set bios options to boot off a flash card if the bios supports it. If the card reader is built in, sometimes it does not work(lets say it is a card slot adapter and not usb) for that. If this is the case, use a flash drive instead(any UMS[usb mass storage] device).
First thing would be, with the other computer, could you at least see the hard drive. If you want any chance to try to at least recover personal files, you should get it visible on another system so you can either copy files or try to recover files if you formatted the drive for some reason.
If you do NOT care about what was on it, you may be able to use the recovery partition on the Acer or just install from scratch with the USB/DVD method.
If you need a copy of Win7 here is the place to get it from. Clean and virus free. You will need to use your COA(key) from the laptop it self. Once windows is installed, you will need to get all the drivers from the Acer website. This is more easy to do on another system then bring them over by flash drive or cd.http://www.w7forums.com/official-windows-7-sp1-iso-image-downloads-t12325.html
As for the bios, load default settings and it should be ok.