The problem is that the mobo does not support thoroughbred processors, so the signals for multipliers etc are probably being misinterpreted. Alternatively, check the settings for Dimm speed (set it to SPD) and dimm/pci auto detect (set to enabled), but I doubt these will have any effect - go for a new mobo.
Edit: FSB speed and DDR speed are NOT the same thing. And while the chipset may support 266FSB, other things on the board do not support the thoroughbred chip.
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