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CES, Las Vegas – January 4, 2011 - Samsung Electronics Co., Ltd, a global leader in digital media and digital convergence technologies, announced today the launch of the new SH100
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Seeing how the camera was released a full year after Windows 7 (thats not to mention the years with Vista 64-bit) was released, there should be compatibility for a 64-bit OS. If you just bought the camera take it back because it doesn't work with your computer.
Now for your question, you can not switch bit version. Switching bit version requires a complete fresh install of the OS. Yes that would effect all your applications because you would be starting over from scratch.