You've gotta be careful using XP-M CPU's. From my experience, it'll only work if you have the option to change the FSB, Multiplier AND voltage in your BIOS. If not, the mobo will either not recognise the CPU properly, or will just spit it's dummy out altogether.
If you have got those options, stick it in and OC the **** out of it!
If not, stick it in anyway and see what happens, I'm pretty sure you're not going to damage anything, and as long as you know where your "clear CMOS" pins are, you're laughing.
EDIT: Looks like you have got the required options: