The KT7-RAID does not support the 133 MHz FSB needed for that chip. You could, however, run it at 100 MHZ FSB with a 13x multiplier. This will slightly underclock your chip, though. You could also overclock it to 1350 or 1400 if the chip and cooler can handle it.
So, the chip WILL run on your board, but just not at its designed specs.