It will work, but not the way you want for a gaming computer.
If you were thinking of upgrading from Win-XP to Win-8, you have to have Win-XP running on your computer. So you would have to call MS to talk them into letting you activate it again. Win-XP retail version can be activated any number of times, so I'm not clear on if the is an OEM or system builder versions. Also It is almost certainly 32 bit Win-XP, which means you would only be able to functionally use 3 GB of the 4GB Max ram spec'd for this MB, and you would have to upgrade to the 32 bit version on Win-8.
Also, if you were thinking of adding RAM, it should be done in a matched set (2 sticks of 2GB, or 4 sticks of 1GB) so you shouldn't buy 3 additional sticks of RAM thinking they will play nicely with you 1GB presently on board.
Another consideration would be purchasing an inexpensive Win-8 computer or laptop where all the components work well together and will be guaranteed to handle the Win-8 OS.