My guess is that it is possible with some XBX2 boards, but not all. Intel used a modified XBX2 for Penryn engineering samples. AFAIK, the modification was to the voltage regulators. However, this was prior to the release of rev. 505 of the XBX2, whose release notes list changes to voltage regulation (although it's kind of vague).
I'm guessing that later XBX2's will be able to run Penryn provided Intel's BIOS supports it. However, there's no way we'll know until someone actually tries it out.
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