GA-X58A-UD3R - HPET 32 or 64-bit

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In the BIOS (Award F6) for my GA-X58A-UD3R motherboard under 'Power Management', there is a setting for High Precision Event Timer (HPET). I've never really looked at this setting, though it has been enabled and set to 32-bit at lease since my last BIOS update. I am running Windows 7 64-bit Home Premium.

My questions are:

I know what the motherboard's manual says about it (set to 64-bit when running 64-bit Windows 7 or Vista), but what is HPET?

Why does it work on 32-bit when I have a 64-bit processor and OS?

How does it affect my computers performance?

If I make the switch to 64-bit now, will it mess anything up?

 
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