Since the board has SATA I will assume you want to get a SATA drive for it
I do not see why it would not work to be honest. The 137GB limit was passed before SATA came out. I do think ALL sata controller have this support(Please correct me if i am wrong here). Even my old VIA Sata has this support.
That being said, Newer drives from seagate DO have a jumper to make the drive run in SATA Generation 1 Mode for older boards. Without this jumper in place, you will not have a drive that works. But once its placed, It should work.
^+1 nukemaster. I also understand that ALL SATA drive systems DO have 48-bit LBA Support to allow use of drives over 128 GB. However, on some older boards that have both SATA and IDE ports, the SATA system has this feature and the IDE system may not - depends on the BIOS. So, OP, go with a SATA drive if you can and save some worry. Take note of nukemaster's point about using SATA II units with older mobos that had only original SATA controllers - a jumper on pins on the drive may be necessary to make it work. Check Seagate's website for details. (Some of their SATA II drives came with that jumper already installed by default to make your life easy.)
NOTE that, for you to use a HDD over 128 GB, you must be using an OS that supports this "48-bit LBA" thing. That means NOT original Win XP or any earlier OS. Win XP with SP1 or later, and Vista and Win 7, are all OK with big drives.