Ok guys,
I updated the BIOS (did a BIOS Flash) on my Evga X58 mobo,
first, set the BIOS to default values, then
saved and exit,
selected CD ROM as first boot device,
saved and exit and last,
the BIOS went for Flash mode.
here are the pics
As Amitash told me in his posts that the mobo will beep

,
so there was constant beep (1 sec interval) and then wen the BIOS was completely Flashed, there were conctant beeps along with the msg--->
"remove the diskette and press F1"
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Cheers n e-peace...

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Posted again:
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THe most significant change i saw after the BIOS update (well there were many changes which can be found on evga.com)... was that my 32bit Win XP PRO+SP3 OS was able to detect 3GB of Corsair RAM as opposed to previous bios wich jus detected 2GB..

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Cheers n e-peace...