As already stated, it may not work because the BIOS may not be able to correctly detect CPU. Thus, the PC will fail to boot.
In the event the motherboard can detect and the PC boots, the CPU will be running slower than it's stock speed.
The XP 3200+ stock speed is 2.2GHz, that means it uses a clock multiplier of 11 (200MHz x 11). However, if it works in a mobo with 333MHz FSB, then the speed will be 1.83GHz (167MHz x 11).