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FYI - the fastest 266mhz processor AMD made was the 2400+ - a 1900+ to a 2400+ doesn't seem like its worth it to me.......if you can use a processor w/ a 333mhz fsb there are ones faster than the 2600+ that would make the upgrade worthwhile....
JEN is right, there is a version of the 2600+ with a 266MHz FSB. Here in the states it runs about $20 more than the 333MHz FSB version.
Throwing the 333FSB version on a 266 FSB motherboard will declock the processor, and if you want to run it at stock clock speed you will have to modify the chip to "unlock" the multiplier and increase it (assuming the board supports changing the multiplier).
I'm confident most folks on this forum, especially IT folks, could do this without too much trouble, though it does require a steady hand, and some recent processors are reportedly immune to the procedure.
Unfortunately I'm unsure how much difference this will make with encoding audio. I doubt the majority of audio encodes are bandwidth limited, so it should result in an improvement. To what degree I cannot say, and I'd wager it varies depending on codec.
Sorry I cannot be of more help. If you have the money to spare I don't see any reason not to (edit: primarily because I always like having a spare processor around to help out friends or to use in a backup box).