Some other considerations, like everyone else said, update the firmware before installing Mac OS X at all. Just attempting to install Mac OS X without the proper firmware installed before you install Mac OS X, may cause the screen to go permanently blank.
iMacs without Firewire can not install Mac OS X 10.4 and above, but can install earlier versions of Mac OS X if they have the proper firmware, and correct amount of RAM and disk space. The iMacs that have Firewire have two ports that look like the port in this picture that is second from the right
iMacs with Firewire but no DVD drive can install Mac OS X 10.4 and above if they get the Media Exchange Program CD version of 10.4 found on:
http://www.apple.com/macosx/upgrade/ 's right hand side if you are in the U.S. or similar link on foreign websites for Apple. If you are in that predicament, I can direct you to the correct page to get the Media Exchange Program Disk if you aren't in the U.S.
To tell which iMac you have, see this article, and we can help you determine how to best upgrade to Mac OS X and what options you have:
http://docs.info.apple.com/article.html?artnum=58669