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I do not know what MB and Bios you have, but on mine.
High frequency beeps when the system is working =
CPU overheated
System running at lower frequency.

Have you overclocked your CPU? or fiddled with any of those settings?
 
What operating system are you running? eg XP
What is the brand of Motherboard? eg ASUS
What brand of BIOS do you have? eg Award
 
You could try installing PC Probe that came on the CD with your mother board. This may alert you to the potential problem.
 
Just make sure there is no problem first.
 
I would not want to give out any wrong info.
I would suggest getting that info from the Intel site.
 
Great news, glad you are back in bussiness.