I think as long as you have Service Pack 1 installed you should be okay as this fixes a 137 Gb limit. Obviously SP2 would be better for security reasons! If you have already got these service packs installed then you should be fine.
Sorry to disagree, but you will have no chance with that bios. The bios for 97, is pre-windows 98. These bios's usually had limitations of 2 gig, 8.4 gig and 32gig. What hard drive have you at the moment.?
You would need to look at a PCI controller card or the hard drives software to have any chance of using a drive so large.
The fact that you are running XP has little to do with it. If the bios will no see the drive, no operating system will configure it.