A word of warning - never ever use AsusUpdate in an x64 environment, it is a known board killer
If you are encountering problems with AsusUpdate now is probably a good time to stop using it.
I asume you are certain it is the correct bios, yes? Not being smart to you or anything but it does happen
I would strongly recommend AFUDOS either from a Floppy or bootable flash drive (my favourite method) or EZ-Flash as above.