The board will suport a 800MHz FSB just fine, but Dell's BIOS provides no way to manually override the default FSB settings on the chip. You used to be able to use jumpers to OC, but just about all modern boards control the FSB and multiplier settings in BIOS. Dell doesn't want you messing with these settings, so they use a really stripped down BIOS that doesn't provide manual settings for overclocking (like most retail motherboards).
The motherboard knows to set the FSB at 533 because it checks to see what the processor ID is, sees that it is a Celeron D and sets the FSB to 533 MHz automatically. I think the BIOS has a list of what FSB and multiplier settings each supported processor uses and sets the values accordiingly, which is why new processors often default to the their slowest FSB speed until you update the BIOS to recognize the processor properly.