Theoretically, that motherboard should accept a pentium 4 533FSB processor of around 3GHZ, if one can be found. Most Pentium 4 processor of that speed are now using an 800MHz FSB, and those would not suit the board.
But you need to be careful, and you really should check on the HP website to see the upgrade potential for that particular PC. 'Name Brand' PCs are usually not as forgiving with upgrades as 'White Box' PCs, and the BIOS of the system may not allow for the necessary clock multiplier settings that would be needed to use the maximum potential of the chipset. Companies like HP actively encourage you to REPLACE your PC, not upgrade it
In short, I can't be sure without checking the HP website, and I'll leave that up to you to do. Post back here if you have trouble.
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Grandad
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since Mar 2004