Yeah, that is sometimes the case. On the current revisions of the Asus P4PE for example the onboard sound stops working at 150FSB from what I've heard.
If the machine is not posting, I doubt it is an onboard device. However, sometimes the onboard devices stop working after a certain point. On my Asus A7V8X the serial ports don't work when the PCI bus is running at 37MHz (which is kind of high I realize, but everything else works).