Yes, with the Matrix you will need to make sure that your bios is 256KB in size and in .bin format. I recomment the Evox M7 bios if you are wondering which one to use. This bios will bypass the media protection built into games signed by Microsoft after Feb 2003. If you use and older bios version you will more than likely have to patch your games in order for them to boot.
Will it fit on mine i have a X-ecuter 2.2 lite and a V1.0 box case i hear in some later model box that only the 256k bios can be used
Yes you can a Evox bios, Since this bios is only 256KB you will need to convert it into a 1mb file. TO FLASH THE CHIP YOU MUST USE A 1024KB (1MB) BIOS BIN. Go here and read how to flash your chip. http://www.system-mods.com/cgi-bin/pd/kb.cgi?view=42&lang=en
A really good idea is to use a 512k bios, as noted in this tutorial for an xecuter 2.2+. http://lookformeb.bmforums.com I followed this and I now have an M7 bios and the orginall cromwell in case I need to reflash. I would consisder doing it this way, as you do not HAVE to use a 1MB bios.