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It is hard to tell if your system will even POST as it will depend on the whole system configuration, processor core stepping and current motherboard BIOS.
I've had lots of cases where people get this problem and most of the time 8 of 10 times you are able to do a BIOS recovery to update your BIOS even if you don't even receive display.
Here you con find the instructions for the BIOS recovery:
If you are not able to do the BIOS recovery, you will need a compatible processor to update your BIOS.
I just ordered a new S1530HSH and face a similar situation as I have only the one LGA775 processor to be used, an X3370. Can the Bios/Firmware be upgraded without using a alternate LGA775 processor? for example http://downloadcenter.intel.com/Detail_Desc.aspx?agr=Y&DwnldID=19098&lang=eng
Never mind. Used the Intel Deployment Assistant CD that was included with the unit, and downloaded the latest update to a USB stick. The only error message that was there prior to the BIOS update was categorized as minor, but now there are no error(s).
Updated the BIOS first, then the BMC & FRU after rebooting. All went smooth, just be sure to have a FAT formatted USB stick to place the .zip download file on