Is second hard drive possible in with opti bay?

I have a 20" white imac with 2.0ghz core duo processor.

My question is, can I remove the optical drive and install a second hard drive with the opti bay option? I see there is an opti bay drive available but it say for core 2 duo only.

Whats the difference and what would stop it from working?

I am also upgrading the cpu to a 2.16ghz core 2 duo and was wondering if I could bump this one to 2.33ghz and what model processor would work for me?

Thank you for your time.

Oh, one more thing. What is the connection called on the optical drive? I know its not SATA.