I don't see why not, as long as the board can run a 533 fsb (133 fsb quad pumped) processor. But that's like really old technology and RDRAM is rediciulously expensive for what you are getting. If you already have the board and can get a great deal on a 3.06/533 P4, then go for it. But if you have to also upgrade your ram I would say for you to save up and replace that old tech stuff.
I found the cpu for 60 bucks, I guess if I just up my processor it will benefit my system enough. I'm trying to get a nice little upgrade for under $100. I really just want something to run MTW2 decently. I just installed a Radeon X1600 PRO which runs the demo pretty nicely. I figure uping my processor from the 2.4B to 3.06 with HT will be a nice cheap change to get some more detail in game. I'm not really up to investing 4-500 dollars to play 1 game. I mostly just surf and play around in Office unless I'm playing a Total War game. When the developers at Creative Assembly come out with the next sequel will be my next computer buy.;)
As far as performance goes, upping the ram will probably help as much or more, if you are running 512 MB or less right now. But the thing about that is that RDRAM is just so damn expensive. For what you would pay for a 2 X 256 MB pair of RDRAM, you could get a good used overclocking-friendly mobo along with 2 X 512 MB of PC3200 DDR ram for just a little more, and then overclock the snot out of your present 2.4B. And if you look around, you can find some decent deals on good overclocking socket 478 motherboards too. I will probably be posting my IC7-G for sale in a couple of days myself, since I've just replaced it with a cheap Conroe mobo so I could use the E6300 I had sitting around.
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BTW... this is the gayest smilie I have ever seen