SQL Server stored procedure causing 100% CPU usage
If a stored procedure is maxing out your CPU, you really need to tune that query to fix the root cause rather than working around it. Analyse the query plan using native SSMS or SQL Sentry Plan Explorer.

Some things to look out for to improve the query plan from http://www.brentozar.com/ are


http://www.brentozar.com/archive/2012/07/identifying-correcting-sql-server-implicit-conversion/
http://www.brentozar.com/archive/2013/06/the-elephant-and-the-mouse-or-parameter-sniffing-in-sql-server/
http://www.brentozar.com/archive/2010/06/sargable-why-string-is-slow/


To answer your question however, yes, you can limit CPU using Resource Governor.