Dont bother with the BIOS just yet you may find that with the graphics card and extra ram you are ok for the time being.
Flashing the bios can go wrong and ruin your mobo
The site that you downloaded the bios from should have full instructions, when you decide that you want to upgrade the cpu.
Theres a system checker on the crucial site that will tell you which DDR ram is compatable with your mobo.
Your mobo takes PC 2100 or PC 2700, I think but the crucial checker will tell you