WoW64 stands for "Windows on 64-bit Windows", and it contains all the 32-bit binary files required for compatibility, which run on top of the 64 bit

The %windir%\System32 directory is reserved for 64-bit applications. Most DLL file names were not changed when 64-bit versions of the DLLs were created, so 32-bit versions of the DLLs are stored in a different directory. WOW64 hides this difference using a file system redirector

One nice thing about x64 systems is that you can use either Win32 or Win64 on the same machine without serious performance losses, unlike Itanium-based systems. And despite a few obscure differences between the Intel and AMD x64 implementations, the same x64-compatible build of Windows should run on either. You don't need one version of Windows for AMD x64 systems and another for Intel x64 systems.