Goobee....
The situation is a little bit more complex than Yield would lead you to believe. There have been several excellent threads in this forum which will answer your question in depth; I suggest you do a search for them.
I will say however, that depending on the revision of the P2B that you have, you have to be weary of which type of PIII you buy. I have a revision 1.02 Asus P2B, and the minimum cpu core voltage that it's able to supply is 1.8V. However, most PIII's request a voltage of 1.7 V (if I remember correctly). However, by getting a socketed form of the PIII (Coppermine), and using a slocket adaptor which allows me to manually select the voltage, I was able to select the voltage to 1.8 V. although this voltage is nominally greater than that "requested" by the processor, as long as you have good cooling, you'll be just fine.
If you try to use a Slot 1 processor in these early revision P2B's, they won't boot up (because they are "requesting" 1.7 V, and the mobo is only capable of providing 1.8 V minimum).
So, make sure to get a socketed Coppermine, and a slocket that allows you to manually select core voltage.
Previous posts, in particular by Andy Hui, should clear up any confusion.
I have a P2B running a PIII 700 overclocked at 933 (133 Mhz FSB) with absolutely no problems at all. IN my opinion, this is one of the best motherboards ever made; who'd guess that a motherboard purchased in 1998 can still provide such a high level of performance today!
Note, cooling is essential. I had the infrequent (yet still annoying) instances where I'd get blue screens, which completely went away only when I directed an additional fan at my cpu.
Good Luck.
Mko.