I think this technically possible, but I doubt there is code for it because it seems pretty pointless.
Surely it is useless, all it will do is slow down your PC, you are limiting how fast it will process information, that information still uses the whole data bus, and still needs to be processed for your system to run. You could always just really underclock your system, this would achieve the same affect. You could, I suppose configure your system to process in 16 bit mode instead of 32 (or whatever you have), but again this does not seem to have much use.
I really can't see why you would want to do this, unless you are trying to create a test condition for performing stability tests, or something like thermal cycling or noise pick-up.
Are you trying to limit user use of the processor, if so then maybe you should look into process queing, of which I know nothing significant.
Could you eleborate a bit.