It depends. Read the Motherboards FAQ for compatability issues.
Basically, your board MIGHT support coppermine CPU's, but then again, it might not. The 450 is a 2.0v processor and works on all 100MHz bus boards. The Coppermines, like a 700, 800, etc, are all 1.65v, and some boards cannot support lower CPU voltages than 1.80v.
So read the FAQ. You might consider an upgrade from Upgradeware (if your system is listed) or Powerleap (if necessary). And if your board is Upgradeware Slot-T compatable, it shouldn't have any problem with Coppermine core processors either.
And no, there is no speed limit, ALL MHz can be handled by ALL machines.
Be aware that some Slot-1 processors use a 133MHz bus, and that your board probably doesn't support that bus speed.
The standard codes are E for coppermine and B for 133MHz bus. So a PIII600 is 100MHz bus non-coppermine, the 600B is 133MHz bus, the 600E is coppermine, and the 600EB is Coppermine with 133 bus.
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