The are a lot of version of the virtual machine so let's go by all of them:
JRE 32 bit, JRE 64 bit, JDK 32 bit, JDK 64 bit.
If you have a 64 bit OS, you should be able to all of them and that's what I have installed in my machine, but there's an order you have to follow, the order I just described, first JRE 32 bit, then JRE 64, JDK32, JDK64. Other orders of installation may cause problems. Just in case, I'd recommend you to remove every virtual machine you have installed (JavaRa makes it easier: http://singularlabs.com/software/javara/javara-download/ ) and then proceed to the installation in the order described.
There are some reasons you wanna run a 32 bit Eclipse even if you have a 64 bit OS and one of them is that there are some suites and tools that do not support the 64 bit version.
Don't forget to set:
JAVA_HOME: .;JDK32 PATH\bin;JDK64 PATH\bin
PATH: .;JDK32 PATH\bin;JDK64 PATH\bin
It's always good to put the .; first in the value of your new environment variables