S-ATA seems fine with 2.4.21 kernel. I'm typing this with a S-ATA drive on /dev/hde in enhanced mode. My m/b is an Asus P4P800-VM which is even newer than the P4C800.
Knoppix live CD is a good way to try a 2.4.21 kernel with no hassle. It will also have a good shot at autodetecting the sound card and network interface. It found the e100 driver for my m/b even though this is based on Intel source which I don't think is part of the standard kernel. Searching
www.knoppix.net for your network card gives nothing however. Use the 'knoppix alsa' boot parameter to force the installation to try the ALSA drivers for your sound card.