When you try to boot 64-=bit Windows 7, or Vista SP1 and later, it requires an EFI firmware that is also 64-bit which the iMac lacks. The 'fix' is to modify the ISO and reburn it.
Solution (need a working windows installation or a windows-pc):
0 - create 3 folders c:\windows64iso c:\windows64exe c:\windows64dvd
1 - download this (
http://sergiomcfly.googlepages.com/oscdimg.exe) .exe file and put into c:\windows64exe
2 - put .iso you downloaded from ms (or an .iso you created from your retail windows disc) into c:\windows64iso and unzip it
3 - move .iso file out of c:\windows64iso and trash / delete it (won't need it anymore)
4 - open a dos prompt in c:\windows64exe and type:
oscdimg -n -m -bc:\windows64iso\boot\etfsboot.com c:\windows64iso c:\windows64dvd\windows64dvd.iso
The windows64dvd.iso is the file you gonna burn onto a new DVD
http://forums.macrumors.com/showthread.php?t=716198
I had to do somewhat similar approach to burn a DVD I could boot from and use to install.
http://jowie.com/blog/post/2008/02/24/Select-CD-ROM-Boot-Type-prompt-while-tryin g-to-boot-from-Vista-x64-DVD-burnt-from-iso-file.aspx
I think you can use 32-bit and doesn't have the Select CD Option: 1 or 2