silworth
x86 is the 32-bit version. Limitation of 4GB of RAM (split between video and system memory, so if you had a 512MB video card, you'd only have a usable 3.5GB of system RAM).
x64 is the 64-bit version. If your computer is less than around 6 years old, you might as well run 64-bit.
The reason x86 is called x86 and not x32 is due to the instruction sets used by the processor. x86 is a processor architecture, harking back to the days of the intel 8086 processor (1978). 64-bit is an addressing extension of the x86 architecture, typically referred to as x86-64, but shortened to x64 in most scenarios.