Thank you all for the replies.
I went ahead and bought a 700 MHz processor, it will train me to change the processor of an old PC at the same time. I do understand that it probably won't make much of a difference, kinda like how my GeForce 2 Pro 64 MB that's an AGP 4x is running at 2X on this motherboard. Apparently, it doesn't make much of a difference, hopefully it's the same thing here with the CPU. I can just return the processor if it doesn't work I guess.
@Oetker
Admitedly, I have no idea if the motherboard has a socklet since I never changed the CPU.
@dionb
That's what I was worried about, this motherboard came with this computer, a Compaq EP650, the 650 gives me a pretty good idea that it might be locked to a 650, but, we'll see how it goes when I'll try to replace it.
@zapbuzz
I have never really done BIOS modding before, how would that work? Is it like where you just have to put the upgrade in a floppy drive and do the update? If so, is there a place that have a list of modded BIOSes?
I will let you guys know how that goes when I'll get the CPU.