The CPU running at 2.8GHz is the "failsafe" speed of the P4. Basically it is overheating.
BTW, IMO it is indeed possible, though unlikely, to kill a good motherboard with a bad CPU. Has happened to me with a socket 370 Celeron. A mobo/CPU combo was dead, so decided to test CPU in another mobo that was known good and tested just prior. No POST, no smoke, nothing exciting except it doesn't power on. Put the good CPU back in the "working" motherboard and it doesn't light up anymore. Still, would do it again because that's only one time I've seen it happen out of many times trying with testing other CPUs from dead systems.