Just installed a clean W2K with SP3 on a 440BX-based system, PIII Coppermine.  Motu 24i is the only audio hardware - installed the latest drivers.  Audio applications are Cool Edit Pro (CEP) 1.2a, CEP 2.0, and Vegas Audio 2.0h.
MOTU Channels 7-10 don't show on the list, so I can "only" record 10 stereo or 20 mono tracks.  I think I can live with that.
Vegas and CEP 2.0 are both delivering true 24-bit data.  I'm a happy boy.