That LGA775 Pentium4 540 will only work on an LGA775 motherboard. And almost all of the current LGA775 motherboards use the 925X, 915P or 915G chipset. Abit is the only mobo maker that I know of which makes an LGA775 motherboard (the AS8) that's based on an Intel 8xx-series chipset (in this case, the 865PE).
Your Abit IC7-Max3 will only work with a Socket 478 CPU.