So, you have 64 bit hardware running 32 bit OS and SQL Server? If this is the case, then yes. Backup all your databases, make several copies of the backup files in multiple locations. TEST the backup files to ensure they work. You should also script out all jobs in msdb. Probably all the logins (sans passwords) in master as well. You will have to deal with that part separately probably to set the passwords when adding thos back in to master.
If you are using any SQL Server logins, you will need to run sp_change_users_login after you getting the logins reentered and the databases restored.
Once you have the OS and SQL Server restored, restore the databases, logins, and jobs.
Do you have any SSIS packages?