Updating BIOS on my CPU & Mobo(P5Q Deluxe) –- First timer...

I am getting Q9550 (E0 Stepping) and Asus P5Q Deluxe in the next four days, and I would like to get latest bios and I am aware there is a certain risk involved in updating bios, so what precaution do I need to take care of?

Also, bios update is for motherboard AND is there any kind of update in processor also ??

I also checked asus website for mobo bios and while selecting it is asking for the OS…
Now I have multiple HDD’s with one running XP 32bit, other Vista 64bit – So what shall I select in OS?

Also please confirm that this is the latest bios indeed:
“P5Q Deluxe BIOS 1406”

There are also other updates like Audio etc… if I have to update that shall I be overwriting the old one’s ? How’s the procedure goes ?

Next, once I updated bios and say if I completely reformat my HDD, do I have to again update bios?

I'll be using Flash Drive, also inform how to backup old bios ?

PS: Never updated bios, so a lil noob !

just get the bios file is all you need... in the flashutil when you go to update, it will ask if you want to back it up. though its only going to save it to the harddrive. really doesnt matter what os you select, just that with windows. they have a util for flashing the bios in windows, which has had major problems. as in cause boards to no longer be used due to a bad flash. yes, bios 1406 is the newest one out for retail use, though if you look at xtremesystems.org im sure you will find a newer beta. sometimes beta bios's are better then some of the retail ones out there.

As Evilsizer said, the easiest way to update is through the BIOS flashing option. Simply download the latest BIOS from the Asus site (when it gives you a OS choice before dling, just choose XP), unzip the BIOS then stick it on your flash drive. Reboot, enter the BIOS, and load up the flashing util. It should then read your stick and the BIOS update will appear ready to be updated.

For ever better overclocking results, I'd recommend using one of Ket's modded P5Q BIOS over @ XS, specifically BIOS 1406m.