Trouble installing Vista Ultimate on Virtual PC 2007

Vista Ultimate - 64-bit ver.
I have become the info, that if I buy this version of OS, than i can use two
versions the 32-bit (only in Virtual mode); and 64-bit (only on 1PC - local).
Have installed the VPC 2007, and wanted try it. If i run the setup, become
the error message:
'Attempting to load a 64-bit application, however this CPU is not compatible
with 64-bit mode.'
Have researched and trought the VPC 2007 i can only install 32-bit version
of OS.
First question: Is it true that I have become two modes (32 and 64) with the
one DVD?
Second: If yes how i can install it trought VPC 2007?
Many thanks for your answers.