Can this mobo run this CPU?

If you're target is to reduce costs I'd suggest maybe an Intel P35 board, with an Intel Quad Core (like Q6600 for instance).

Examples:
Intel P35 $105
http://www.newegg.com/Product/Product.aspx?Item=N82E16813121314

Retail Boxed: Q6600 $189
http://www.newegg.com/Product/Product.aspx?Item=N82E16819115017

Here's a Combo Deal. Q6600 & P45 (Crossfire capable)Mobo $299.98
http://www.newegg.com/Product/ComboDealDetails.aspx?ItemList=Combo.147992

Keep in mind, you'll need DDR2 memory for these boards. The P45 motherboard is generally better than the P35.