As long as the CPU tech remains the same i.e. same pinouts, voltage specs etc, then it won't be a problem. In normal practice, it would be the BIOS prevemting people from using a faster CPU, until they provide another modified version that opens up new multiplier/FSB settings. If you're extremely skillful and daring, you could possibly do things yourself, but that's another story.
Generally BIOSes are limited in such a way because the products that would need it haven't yet been tested for compatability to ensure it would work for the end user. In some cases, the board and CPU will still work if the multiplier remains locked and/or determined by the CPU itself, such as with Intel CPU's. But if it's freely unlocked, such as an AMD processor with linked bridges, there's nothing there to tell it exactly how fast it is.
Hmmm, I hope I got that all correct. I'll wait for some other people to read over it to confirm....