Download the latest bios version 0709 (840.32kB):
https://dlcdnets.asus.com/pub/ASUS/mb/socket775/P5E-VM-ASUS-HDMI-0709.zip
Unzip/decompress it. It should be named
P5E-VM-ASUS-HDMI-0709.ROM
Copy or move it to an USB flash drive
Reboot and enter in your BIOS settings
In the tools menu, click ASUS EZ FLASH 2
Insert the USB flash disk that contains the latest BIOS file to the USB port
Select "via storage device(s)" (or by USB, if the menu should change) and click next
Press <Tab> (on your keyboard) to switch to the Drive field
Press the Up/Down arrow keys to find the USB flash disk that contains the latest BIOS, and then press <Enter> (on your keyboard).
Press <Tab> (on your keyboard) to switch to the Folder Info field
Press the Up/Down arrow keys to find the BIOS file, and then press <Enter> (on your keyboard) to perform the BIOS update process.
It will ask: "Do you want to read this file?". Click yes.
It will ask: "Do you really want to update BIOS?" (And, under it, bios information: MB model, bios version and its date). Click yes.
Once the update is finished, reboot the system.
Re-enter in your BIOS settings
Load optimized defaults
Save and reset