Yes, it's perfectly possible on all motherboards I've seen. You might have to go into BIOS and set the CPU/RAM ratio to 5:4, or set RAM speed to 133Mhz, but it will work.
Obviously having asynchronous RAM & FSB is not the best for performance, but 2Gb is quite a lot of RAM to replace.
If it's good quality RAM, you might find it will overclock to the required 166Mhz if you simply increase RAM timings, but that's up to you.
(I have some Crucial DDR 266 RAM that Runs stably @175Mhz, albeit CAS3)
Just in case no-one's mentioned this, buy an Nforce2 mobo for your new one!
<font color=red>The preceding text is assembled from information stored in an unreliable organic storage medium. As such it may be innacurate, incomplete, or completely wrong</font color=red> :wink: <P ID="edit"><FONT SIZE=-1><EM>Edited by ChipDeath on 10/02/03 10:54 AM.</EM></FONT></P>