Flashing Bios: A means of last resort, if it ain't broke, please do not fix it .. To directly answer your question, yes one may flash the bios. There exist a couple of avenues to do so. Bear in mind, changing bios may introduce new problems but if needed, it is needed. make sure it is needed ! The easy method is if you have a utility in your bios to do the update for you;
else next is a utility within Windows to make the update;
else one must go to the bios manufacturer, download the bios update file, make up a DOS boot disk, combine on that disk the new bios file with a flashing utility -> can be done, many prefer this ...you have control on what version and how it gets installed; not recommended for a novice. One should have experience with manipulating bios, building system files, and familiar with the command line before attempting. If you make a mistake,and your mainboard's bios is not on-chip, throw that computer in the trash as there may be no way to burn that eprom. Unless you know what you are doing.... DO NOT go there.
If you know your liveDVD is good,
if you are certain your drive is good,
And you do not boot to the grub menu(if you can get to the grub menu then other measures may be looked at);
Then all that is left is bios... it can do no harm in the long term to make adjustments to the superficial setting in bios, so long as clock rates are not tampered with, one may always reset the values back to default. If you have not done so yet, get the manual for your machine's bios. Read and heed... Unless some one is running the exact same machine with that same version of bios, none can advise how to set it up precisely.
Bottom line: If you can not boot the DVD to grub... check the settings in bios, read the manual to know what the setting affect.
my thought, my opinion ..yours may vary