A re install of Windows would fix most problems that come along with with Windows XP, 7 etc. So yes, a fresh install should ALWAYS be done anyway when you have new hardware.
Updating ure bios firmware is generally a good thing, but its not a must needed thing to do. If there is one for you to update, sure, get it, install it, if not, dont worry bout it.
Once you install Windows, try not to use the driver disc that came with your mobo. The software included on these are generally 3-6 months out of date, so whenever you can, just keep going to windows update and getting any updates that show up, repeat this process until no more updates show. (May require like 4-5 reboots, but just keep goin).
Then get nVidia Experience. It will automatically install the latest and correct drivers for your video card.
Lastely, check your device manager for anything that shows up with the ! next to it. If anything does, report it here, but if all goes well, there should be nothing listed and everything should now be running fine