If you're currently using some early BIOS version, then 40 GB drives might well not yet be supported. If you have any smaller drive, you should try that one, even if just temporarily, to see if it's detected and doesn't cause a hang. And do update the BIOS to the latest version, it's still available on ASUS' website: https://www.asus.com/supportonly/P2B-F/HelpDesk_BIOS/
BX chipset motherboards don't officially support FSB frequencies above 100 MHz, since the chipset only supports 1:1 and 2:3 AGP/FSB dividers. That means that above 100 MHz FSB, AGP will be running above its specified 66 MHz. At 133 MHz FSB, 2:3 gives 89 MHz for AGP, which some video cards might not be able to handle, but most will work at that frequency without problems. Second issue is that some BX motherboards also don't implement PCI frequency dividers beyond 1:3, meaning PCI will also be running above its spec - at 133 MHz FSB that comes out to 44 MHz PCI frequency, which is likely to cause issues with PCI cards, IDE controller or anything else that uses the PCI bus. Other BX boards, especially later models, also support the 1:4 divider for PCI frequency, which brings it back down to the proper 33 MHz at 133 MHz FSB. With one of these boards, using a 133 MHz FSB processor is typically not an issue at all, despite the lack of official support.
To complicate things, some revisions of the P2B-F support the 1:4 PCI divider, while some don't, depending on the clock generator used. I would suggest first getting the system fully working at 100 MHz FSB and only afterwards switching to 133 MHz, to see if that causes any instabilities.