Yep Phil the i5 and i7 Processors and even the older Core2duo are 64bit processors.
You might find depending on the age of your Mac Core2duo that you will need to get a little 32/64bit Kernel switching app or preference pane.
I use SixtyFour Switcher: [
seiryu.home.comcast.net]
Not had a single issue with launching any apps; and under Snow Leopard (don't know about Lion yet) those Apps that require 32bit (such as older Photoshop with 32bit plugins) can be copied and set to "Open in 32bit mode" in the Info dialogue box (cmd-i).
For instant answers to more than one hundred common FCP questions, check out the LAFCPUG FAQ Wiki here : [www.lafcpug.org]