At an fsb of 133, your "3.2" gig cpu would become a 2.1 gig unit. You might be able to overclock the chipset, if it isn't an intel board. To get close to the normal speed of the processor would take a 50% overclock of the fsb. You could not do that with ddr333 unless you set the divider. DDR400 would be better, as then the fsb and ram would be syncronous. Some of the 7205 boards have had good success running at 200mhz fsb. Tom's has a good article in the cpu section. If you want to try, I would suggest you start with that article. In other words though, while it is doable for someone with experience, it would be a real chalenge to anyone who has never overclocked before.
On the other hand the IS7-E by Abit, is a good quality 200fsb mobo at a very resonable price. ($99. at newegg)