BIOS 0118 is the latest bios for your board, and is dated 1/13/2010, which is what you updated your board to. Please see the following link:
Bios revisions are by revision number (ie 0118), not by year.
For Windows 8 and Windows 8.1 requirements, see: http://windows.microsoft.com/en-us/windows-8/system-requirements
Perhaps more important is: http://windows.microsoft.com/en-us/windows-8/what-is-pae-nx-sse2
Here are the specs on your processor: http://ark.intel.com/products/36503/Intel-Core2-Duo-Processor-E7500-3M-Cache-2_93-GHz-1066-MHz-FSB
And, the specs on your board: http://ark.intel.com/products/34689/Intel-Desktop-Board-DG35EC
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