Before you think about a BIOS Update, please check your current BIOS Version for comparison.
its not reading all of my sata connections
Can you explain, what this means exactly? Please describe your problem in more detail. This may not be a BIOS Problem.
as well as treating my 1066mhz memory as 800mhz memory
The BIOS is treating your memory as DDR2-800 because it actually is DDR2-800 memory. Kingston has programmed the SPD Chips with Speed and Timing Profiles that the BIOS Reads to AUTO-set the memory. There is probably no DDR2-1066-Profile and that is why the BIOS does not treat your memory sticks as DDR2-1066 (usually this is an overclocking rating, which you would have to manually apply anyway). The bottom line is: This does not sound like a BIOS Problem at all.
Please write down the exact model name of your Kingston sticks for comparison:
the Live Setup
Under no circumstances should you use MSI Live Update for BIOS Updates. It is a risky procedure that may crash your system and render your board useless. If you have that application installed, please uninstall it completely.