It'll run fine. The Audigy uses fewer CPU resources than the Live! did and far fewer than the ISA sound cards that were in their heyday when your machine was in its prime. Therefore the Audigy is a *better* choice for your computer than the older cards.
However, you need to ask yourself what you're using the card for. If it's for games, I'm sorry, but a P233 just isn't going to cut it for today's games! If it's for better sound quality in your existing applications, yes, it will deliver in spades over nearly any older generation card.
Nevertheless, make sure you don't install any of the extra junk that the Audigy installation kindly "suggests" that you install. Many of these extra features, like MP3 noise reduction, are performed in software and will place an extra burden on your CPU. All you need is the core stuff: AudioHQ, SoundFont control, the Speaker applet, and perhaps one or two others. EAX, MIDI, and digital sound playback are all accelerated natively by the Audigy's processor, so it largely doesn't matter what CPU you have.
Ritesh