Actually, Win2K Server could do 2 processors (no multi core i386 yet). 4 way and 8 way required Windows 2000 Advanced Server, we needed them for our quad P3-550s (bad ass back in the day). There was also a windows 2000 Datacenter server with support for up to 32 processors, but I've never seen that in the wild.
Even the ordinary desktop Win2000 Professional can do two processors; I have it running on an X2 just fine, and have also ran it on a dual-PIII.
LaLaLaLa: Try getting all four cores under full load and see if it's still at the reduced clock. Perhaps with four cores, no one core is loaded sufficiently to force it out of cool-and-quiet/EIST downclocked mode.