You can install a 64 bit OS. But unless you have compelling need to do so or you have plans to upgrade RAM to at least 4 GB (preferably more) this is probably not a good idea. How or if that is possible cannot be determined from the limited information provided.
Hi there, turbonis. I have roughly the same specs except with a Pentium D 925 Duo core running at 3GHz. 8/8.1 run/ran just fine. Actually a 64-bit system will run better since “The 64-bit version of Windows handles large amounts of random access memory (RAM) more effectively than a 32-bit system” which is one of the answers in the guide Edwin linked to.
Also, you won’t be limited to running just 32-bit programs.