Yes, that chipset supports UltraDMA 100. I would not recommend an SSD or for that machine. IIRC even the first Raptors were SATA, so that would not be an option either. You would have to use a PCI SATA adapter and performance would not be worth the cost IMO.
Save the money up toward a new build. Depending on what you mainly do, you will probably get more bang for your buck with a new budget machine.