How cheap is cheap? A 300Mhz slot 1 celeron processor will run aroud $60-70 and a PPGA will run about $50 but you'll need a PPGA to slot 1 converter which will run about $15. You MUST get a SLOT1 board if you want to upgrade in the future.
I would, however, advise against the Celeron, even though I use one. A PII 400 is around $120 and a PIII 450 is around $170. With the PII and PIII you get the benefits of a 100Mhz bus speed without the hassles of overclocking. Plus you get more cache. Just remember this, a PII will always outperform a Celeron at similar clock speeds.
I'd spend the extra $60. It's not that much more when you consider that it's the brains of your machine.
But the answer to your question is, YES, a celeron will work fine for recording.
BTW, I've been saying for a while that the whole Celeron craze is over. However that was before I knew Celerons took a massive nosedive in price. I still don't think that they're necessarily worth saving $60, but if your budget is tight.... If you go with a Celeron take Emeric's advice and get a 300a and OVERCLOCK it to 450-100Mhz (requires mobo that will overclock). That'll cruise pretty good. Or get a 400Mhz if you're afraid to overclock. If you decide on the PII get a 350 or better (I'd go with a 400 for 10 bucks more).
I made the mistake of buying a 400Mhz celeron that I'm running at 500-83. This is probably performing about as good as a 300 running at 450-100 but ended up costing more.
Slackmaster 2000