Install Windows 7 on a Netbook

I have a netbook, namely: Compaq CQ10-525DX.

The main specs are:
Intel Atom N455 1.66GHz processor with the Intel GMA 3150 chip graphics,
1GB of DDR2 RAM,
a 160GB hard drive.

I want to install Windows 7 and I'm thinking of the Home Basic edition. Will it matter if I go higher such as Professional or Ultimate? Also should I install 64-bit of 32-bit. I'm thinking of going with the 32-bit Windows 7 Home Basic edition. I just wanted to make sure that my hardware will be able to take it.

Answer

According to the Upgrade Advisor that I ran on my work PC -

For 64-bit Windows 7:

For 32-bit Windows 7:

So as you can see the difference if for RAM and disk space required.

I would still advise you to go for the version which satisfies your need and not to waste unnecessary $$.