Macs run on EFI not BIOS, so you cannot upgrade. It *may* work but it's unlikely. I personally think spending nearly $400 for an EXTREMELY marginal performance upgrade is very stupid. Much better to throw in an SSD if you don't already have on, or upgrade the RAM or something. Or even give it to your wife to spend or something.
The quick explanation is that all Core i7 CPUs use Hyper-Threading, so a six-core CPU can handle 12 streams, a four-core can handle eight streams, and a dual-core can handle four streams. Core i5 uses Hyper-Threading to make a dual-core CPU act like a four-core one, but if you have a Core i5 processor with four true cores, it won't have Hyper-Threading. For the time being, Core i5 tops out at handling four streams, using four real cores or two cores with Hyper-Threading. Not to mention bigger cache sizes for and an additional 800Mhz of processing power, im pritty sure it will make alot of difference when i am producing music. i have a pcie ssd i have lots and lots of ram and personally i dont care what you think is a valuable investment from the wages YOU make and the money thats in YOUR bank, not to mention basicly calling me an idiot yeah cheers mate. So after some heavy digging i have found the following
Processor Upgrade: LGA 1150 (Socket H3)* FPU: Integrated
Details: *Officially, Apple provides no information about whether or not the processor in this model can be upgraded and the company does not intend for one to upgrade the processor either. However, the processor is mounted on a LGA 1150 socket and can be physically upgraded with another compatible processor with a maximum TDP of 84 W or less.
Also see: Is it possible to upgrade the processor in the "Tapered Edge" Aluminum iMac models?
System Bus Speed: OPI* Cache Bus Speed: 3.5 GHz (Built-in)
Details: *This system does not have a traditional system bus or a "Direct Media Interface" (DMI) to connect between the processor and chipset. Instead, it uses a directly attached "On Package Interface" (OPI).