No, the IA64 architecture is something completely different (think of it in terms Sparc or Alpha). The IA64 architecture won't *natively* run normal Intel 32-bit code either, which is where the AMD64 biggest advantage lies. There is next to zero penalty for running 32-bit applications natively on AMD64, but obviously the bigger benefits come once you move to a 64bit OS.
I'm not sure off the top of my head when the Windows Server for x86-64 will be released (I run Linux personally), but once it arrives you should be able to do exactly what you want (i.e run 32 and 64bit applications relatively easily and transparently).
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