I run a P3-700E at 1035 MHz (148 MHz FSB) on an Asus P3V4X, and it's stable as hell in everything. I've also spent months researching this board and its nuances, so my opinions and advice might be useful...
The P3V4X board is touchy about several things, the slotket in particular. The best slotkets for this particular board are the Asus S370-133 rev. B03 and the Asus S370-DL. Other slotkets tend to not overclock as well on this board, MSI's included. I've gone thorugh several, including the MSI, and the S370-133 gave me free run to post as high as 1100 MHz (160 MHz FSB) although my other hardware doesn't like the PCI bus being that high. (And yes, I am using aggressive cooling - my processor idles at 6-8 deg. C and hits 10 deg. C under load. Not bad for Peltier/water!)
If you get the P3-700 to run nicely at 933 MHz (133 MHz FSB) with the default 1.65v Vcore, odds are you'll need to increase the Vcore setting slightly to climb above that. Just don't go over 1.95v, and make sure you're using VERY good cooling. Since you're using a cB0 you might be able to reach as high as 980 MHz (140 MHz FSB) without anything but a good heatsink/fan. You might get into the GHz range with conventional air cooling, or you might need more aggressive cooling (water or Peltier/water) to reach that goal.
Also, if your P3V4X uses an ICS clock generator chip, you'll probably need to get some Artic Silver thermal epoxy and bond a heatsink to it, as these chips have overheating issues and when they overheat the board gets unstable.
One potentially major issue some folks have is the fact that WD drives are known to occasionally have serious sensitivities to PCI bus speeds. So back up your data as a precaution.
Finally, one fellow has discovered a hack to modify the P3V4X to fix a cold-boot issue it has with regard to high-end video cards. From your description of your computer you shouldn't be affected by it though.
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