P5QL-E not recognizing CPUs clock speed?

Yes, try to update your bios to the newest one. You should have 1333fsb proc support by default but it won't hurt to update. If that doesn't work most likely you are just the victim of speedstep/eist/c1e where the mobo drops the multiplier and lowers vcore when it is not under load.

probably just speedstep as faster3200 said. I would check that out before updating your bios. Simply load the bios and then look for any options regarding speedstep/c1e/eist and disable them.

Yep run a program and watch CPU-Z, see if the speed doesn't come up automatically.