Yes you can do this.
No SQL 2008 wouldn’t fix this problem. The problem isn’t a problem with SQL Server, but a lack of 64bit Jet drivers. The Jet driver is the ODBC driver which you use to talk to the Access database. The Jet driver is only available in a 32bit driver at this time. Hopefully with the release of Office 2010 next year this will change as a 64bit version of Office will be available.