If your motherboard has a 775 Chipset, then you can consider that you're "hyperthreading" compliant. If this is the case, its BIOS will have a "Hyperthreading" setting (under CPU or ChipSet config), you can turn it "on" or "off" from there.
Now the the use... You'll need it only if you plan to run 2 applications that have to run simultaneously, for example: Game and Video Capture (if you want to capture the images while you're playing)... With Hyperthreading you'll be able to run 2 tasks with the same priority, as if you had 2 processors.
... but if you don't need this functionnality, the computer will be slightly faster if you disable it. On my high-end PC, for example, the whole system is about 7% faster with the Hyperthreading disabled.