Yes. This motherboard supports the AMD Athlon 64 X2. I believe the Athlon 64 X2 4800+ is the fastest processor this board will support.
Yes, but only the processors from the following list:
http://support.asus.com/cpusupport/list.aspx?SLanguage=en&m=P5VD2-MX&p=1
Hope it helped :)