You would completely redo the computer with a clean install. You would then add all of your programs again. This is something that many of us have done many, many times. I suppose (I don't know) you could update by installing over the other OS, but I would have to look at that to see if you could do that.
I don't think you can go from 32 bit to 64 bit with an inplace upgrade. The upgrade usually involves a reformat anyways.
It sure does take forever to get all the Windows Updates, Programs, Drivers, etc. It would be a good idea to pre-download or keep the necessary devices and programs on standby.