Some motherboards have the clock genereator chip locked to allow very little or no increase in FSB. It's very common for a 333 FSB motherboard to only allow 340 FSB. My Optiplex 380 with G41 chipset is like that. My Q9505S only goes from 2.83GHz to 2.88GHz.
I couldn't find much info. on that specific MB.
http://www.userbenchmark.com/System/MSI-G31M2MS-7383/28814
But it looks like it supports up to 95W CPUs, and LGA771 Xeon swaps.
For $15-$20 you could get up to 3GHz performance.
Here's the LGA771 swap page.
https://www.delidded.com/lga-771-to-775-adapter/
X3*** Xeons are LGA775 already and should run. be sure you have the latest BIOS for your MB.
Here are the CPUs I think will work for that...