No MM#888709 won't work. You'll need a MM#891984 (S5000PSLSATAR) to support Xeon 54xx series. The "R" in product code doesn't mean "RAID", but "Refreshed". For more details, see http://www.intel.com/support/motherboards/server/sb/CS-028540.htm.
Basically, the board exists in two types for SATA
- S5000PSLSATA. The non-refresh is not meant to work with 45nm processors.
- S5000PSLSATAR The refresh (new) one works with both 45 & 65 nm CPUs.
Usually the refresh board has a letter 'R' at the end of the sku code.
If you use a non-refresh board, you may have an error in the post and bios - voltage mismatch 19a. Sometimes, it wont even boot. Even upgrading the bios, it wont make it work.
Not all boards or systems support the Intel® Xeon® Processors 5400 and 5200 processors.
Refer to Support for Intel® Xeon® Processors 5400 and 5200 to ensure you order the correct product.