The download completed and the install commenced for about 45 minutes and included several restarts. The update looks pretty much the same ad before and includes a page of what has been done. Notably, the Win 7 games were deleted, and I reinstalled them; might have been a mistake, as my sound is gone again and I haven't been able to restore it. Will continue to explore the new update and will report back on any successes I experience.
Just wanted to let everyone know that it doesn't necessarily take all day to install the 2004 update. I installed mine in about 2hrs from start to finish. This was on my 9 year old system! (see above specs) Gotta love Gigabyte mother boards. Not a single hiccup since first turning it on. And by the way, I never, and I mean never have I turned it off except for restarts after installing updates or software. Maybe I'm just lucky.
P.S. By the way, the update caused no problems whatsoever!
I believe that my problem involved a recent update of the World Community Grid which kept kicking in during the download/install. It took quite a while, but the update finished and is running properly now.