Hi,
I have two questions for mikrotik switches.

1- Does mikrotik switches support STP ? (Like Cisco does to prevent looping)
2- In these switches, how can I create ring network for high availability. for example I have a main switch at remote area, and I have provided two uplinks from different routes to that switch, so that if one uplink goes down (wire cut, or next hop down), all traffic should auto switch to second uplink (for LAN traffic), howto achieve that?

Yes indeed
Go to bridge, click on a bridge, click on tabblad STP select RSTP ore STP

@plisken
After showing this to my friend, he said that if you create bridge this way, you will not get wire speed, or lot of load on cpu, is it true? if yes then ? [keeping in mind that this is quite a heavy traffic network dueto lot of media sharing here there)

also will this create fail over also for my scenario (fail over for lan using two uplinks) do i have to set any priority for active / passive for both uplinks?

Yes, bridges are cpu hungry. Use the switch chip, if you have one, and master-slave relations to join the interfaces.
Use interface bonding instead of rstp to have failover links, but you will need stacked devices to have full failover doing interface bonding.

Yes bridges are CPU intensif
But stp (spanning tree protocol) are used on bridges
http://en.wikipedia.org/wiki/Spanning_Tree_Protocol

Yes, to prevent loops ... and he is talking about making a loop to do failover with rstp, I know.
But wikipedia say "bridge" for a switch or whatever that uses same L2 in this case, a switch, a brige itself ...

Can STP be done with just the switch function? or does the bridge have to be used?
The first five ports normally "switched" by default as example.