First of all, don't use those "auto flashes" in the bios or elsewhere.
Do either Winflash or the Awardflash on a floppy.
The most recent BIOS has the most current settings. (usually)
The flashing utility is often on your set up disk, or on the site where the bios revisions are. You have to use the award flash if you have no O/S.
You boot from the floppy.
Just follow the directions:
Download the Bin file, label it "new"
Run the Flash utility, chose back up BIOS and label it "old"
Install "new".
Sit there and freak out hoping all goes well for two minutes.
Using Award flash is pretty reliable, especially since you have another computer to get help on if you need to reload the "old" bios or get into "bood block" to restore.
If you blow it, which is unlikely but does happen - send it back to Gigabyte and they'll fix it for $ 20-30 bucks.
Cannot format: Your OS should do that for you - In BIOS chose first boot device = CDROM (with OS disk). If not, hook it up as slave in another machine, go to "my computer" - disk management, and "initalize" (?) it from there, and format it. (use NTFS for Win2K and beyond)