I'm planning on getting this motherboard : http://www.newegg.com/Product/Prod [...] 6813157135 but it states that the memory standard is ddr2 1066. Will my current ram (ddr 533) work on this board? And if it does, will this hinder any chance i have of overclocking my e6320?
Definitely. Your current RAM will work, but its tremendously lower speed will severely limit your OC options, if any. Get RAM more suited for your new motherboard.