Does my system support Windows 8 - 64 bit?

Does my system support Windows 8 - 64 bit?

Here's my system information :

OS Name Microsoft Windows XP Professional
Version 5.1.2600 Service Pack 2 Build 2600
OS Manufacturer Microsoft Corporation
System Name HOME-421940C360
System Manufacturer INTEL
System Model DG31PR
System Type X86-based PC
Processor x86 Family 6 Model 23 Stepping 6 GenuineIntel ~2666 Mhz
Processor x86 Family 6 Model 23 Stepping 6 GenuineIntel ~2666 Mhz
BIOS Version/Date Intel Corp. PRG3110H.86A.0052.2008.0612.1910, 2008/06/12
SMBIOS Version 2.4
Windows Directory C:\WINDOWS
System Directory C:\WINDOWS\system32
Boot Device \Device\HarddiskVolume1
Locale United States
Hardware Abstraction Layer Version = "5.1.2600.2180 (xpsp_sp2_rtm.040803-2158)"
User Name HOME-421940C360\admin
Time Zone India Standard Time
Total Physical Memory 2,048.00 MB
Available Physical Memory 1.22 GB
Total Virtual Memory 2.00 GB
Available Virtual Memory 1.96 GB
Page File Space 3.84 GB
Page File C:\pagefile.sys

What do you recommend 32 bit or 64 bit? Also tell advantages and drawbacks of both.

Yes, your system support windows 8.
64bit recommended to put if you have more than 3GB RAM.