what is meant by 32 bit OS and 64 bit OS ..does it refer anything to the registers?
Yes. The underlying hardware would be either 32 bits or 64 bits. The OS would be compiled with data types geared towards 32 bit or 64 bit words. Memory access would be aligned also.
im having a 32 bit OS(windows 7 Ultimate build7601) ..many of my programs like windows media player is not opening..stating an error server execution failed..does this has anything to do with the 32 bit or 64 bit type
No. You could have a few bad sectors on your disk if you are getting this error from several programs, though you could try uninstalling WMP and reinstalling it.
Before reinstalling, you could try running chkdsk C: /R It won't run until the next restart, and may take hours. The correct way to handle this is to start by noting the times that this happens and check your logs ( Event Viewer ).
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