Thanks for all the responses guys.
This is what I've decided to do. I'm going to use XP 32bit for my main operating system.
Then when Windows 7 comes out, I'm going to buy Windows 7 Ultimate x64. Which I will use for my gaming and photo editing.
I just need a stable OS that I can edit my Youtube videos on, Check my Email, browse the web, sound editing, use my Zune, and most importantly run Windows Programs on :D.
Windows 7 is mighty fine, I beta tested and used it as my default for quite a while. The only problem I had was getting use to the new interface. While I like the fact that Microsoft is chaining it up... the new interface annoys me to all hell.
Once again thanks for the responses, I almost forgot Windows 7 was coming out this soon!