Upgrade version of Windows 7 home premium question

Hi. I am currently running Windows Vista Ultimate (SP2), 32 bit on my desktop PC. I ordered the Windows 7 upgrade Home Premium version during the 50% discount sale period. I have no need for Windows 7 Ultimate. Will I be able to use the upgrade version to do a clean install of Windows 7 Home Premium? Also, will I be able to select the 64 bit version? Thanks.

Yes and yes.

http://i.zdnet.com/blogs/windows_7_upgrade_chart.png

The details of the use of an upgrade license have not been published, as far as I have found. You may have to install Win7 to the same partition as your running OS, and you'll get a windows.old folder.