Hey hahnsolo,
Never ever buy an open box item again, you don't know what the people have done to it while its been opened/on display, kinda like buying a rental car, sure its cheaper but it may have been abused. And you won't find that out right away.
Ok, here's what I would do if I did buy it.
First I would open case and make sure its clean, buy a can of compressed air and blow out any dust bunny, do not wipe or brush anything as that could create static. Next make sure that you are grounded first, unplug computer, push on power button to discharge any electrical charge and/or short out power with a insulated screwdriver touching the middle prong with one of the end prong. Pull out cards and reinstall one by one, same with ram and cables. Turn on computer and see if all fans are running, put hand in front and back of fan to see how much air is blowing, replace any that doesn't turn consistantly or blows enough air, make sure airflow is from front of case and exhausts out the rear of the case, heatsink fan should be running fast and pulling lots of air as well. You might want to buy some good heatsink paste like arctic silver and a better heatsink fan, should run you about $12 total and read the instructions on how to install, or get someone who knows how to do it for you.
Next, check the website for updated bios, if there is one, download it and make sure you know how to flash it or at least get someone that knows how. Search their online faq/forums if there is on for this problem and how other people have resolve/workaround it. Also set the bios to default, you can always adjust later if you want.
Next I would find the restore cd and see if there is a windows install cabs (last compaq I looked at didn't have this). If it's there you are lucky, copy this somewhere and and save or burn to cd. Use this windows cab files to clean install windows without all extra nonessential compaq junk.
If you can clean install you should wipe the hard drive or at least the main partition and start fresh, keep in mind that some if not most compaq have a hidden partition that keeps some installation programs on it. If you do wipe the disk, you might not be able to use the restore disk again, no big deal in my opinion if you saved the windows cab, but it might be important to you.
Unless you have a defective part somewhere all should run fine from this point on. If not the first place to check would be the ram, you can download programs to test your ram or just buy some as they are really cheap now, I saw some pc100/133 128mb on sale for $9.99, next would be to check your psu, then after that each individual component, however by this time I would just give up and buy another or build on.
To the others on the amd lap top cpu or better known as the plus series, yes you can use it on your motherboards, provided that it is supported by voltage and bios, it will run at lower voltage, run cooler and is approx 15-25% faster then the desktop variety. Same with the K6-3, I've used k6-2, k6-3, k6-2+, and k6-3+ in my fic, gigabyte, amptron motherboards with no problems, however you may not have all the settings if your bios doesn't support it, the main reason its faster and preferred is that it runs cooler, has extra on board cache, and is highly overclockable.
Good Luck to you, hahnsolo.