| yes and no
yes you can overclock it, but like oulzac said, it depend on what else you have in your computer. second it dependson what kind of core your processor has. my last computer fired, and it had less than half of what my new laptop has, half the memory, my old mem was pc3200. my laptop runs at 667MHz, same speed processor, but now im running a dual core, but my laptop is 3-4 times slower than my old desktop, with more than twice the specs. overclocking is also going to depend if your processor is clocklocked. (it probely is). the speed of your mem, wheather is it ddr, if you can run it dual or not. your system clock speed, the voltage that you set your componets to, if you have your processor synced with you mem or not, what kind of cooling you are running, (air, water, phaze change), what kind of thermal past you are using (i like quick silver). and how much time you want to spend.
you can overclock a processor to one speed, as fast as you can and then be happy with it. but that is kinda pointless, and risky. but if you overclock it just a little, and then let it run for 24 hours under a heavy load, then overclock it just a little more, and run it under a heavy load, then again until the system becomes unstable, this may take sseveral days, then up the voltage on the processor, the start back at square one and start uping the clock. until your system is unstable. when i get happy with my clock settings, ect. i will let my computer set for a couple of weeks, doing whatever and keeprunning it under a heavy load every so often, the reason i wait a coupleof weeks, is that i dont feel like doing this every night of the week. but the time inbetween when you are running the processor, you are "burnning" the processor. in english you are allowing the processor time to get used to the extra voltage and work load.
clock setting vs. fsb speed.
you have to work with both the clock setting and the FSB (front side bus) speed of the processor. you take the clock setting and mutiply it time the fsb to get the processor speed.
clock X FSB = Speed
example 1: (clock) 5 x (fsb) 100 = (speed) 500 MHz
example 2: (clock) 8 x (fsb) 120 = (speed) 960 MHz
but it is important to note that there is a dispute between what makes a faster system, a faster clock, or a faster fsb, the answer is simeple. it is the fsb. you can acheve the same numbers 2 differant ways.
Example 3: (clock) 10 X (fsb) 220 = (Speed) 2.2 GHz
Example 4: (clock) 11 X (fsb) 200 = (Speed) 2.2 GHz
Example 5: (clock) 5 x (fsb) 440 = (Speed) 2.2 Ghz
in the two examples above {3 & 4} the speed is the same. but Example 3 will out preform Exapmle 4. example 3 will be faster.
in example {3 & 5} example 3 is faster since the clock speed was sacrificed to much.
Example 6: (Clock) 12 x (fsb) 175 = (speed) 2.1 GHz
Example 7: (Clock) 10 x (fsb) 200 = (speed) 2.0 Ghz
in exapmle [6 & 7] example 7 will be faster than example 6. even though 6 has a bigger number and is faster on paper. in real world application the much greater fsb speed on example 7 will allow it to out preforum example 6 hands down.
i dont feel like going in to how to sync your mem right now. but syncing your mem will provide some of the most segnificant gains you will see. i just dont feel like doing a write up on it right now. it is a little complex. word of note. do all overclocking at your own risk. by choosing to overclock you are putting you hardware at risk of permanent failure.
one last note. when overclocking, keep a notebook of what changes you make. and only change one thing at a time. when you push a system to far, most of the time it will just fail to boot. by keeping a notebook of your changes, you can quickly reset you setting to the last known good configuration. when your system fails to boot. all you have to do it just clear the CMOS. by doing so you will lose all of your custom bios setting and the motherboard will restet back to factor default. you can then again go in to the bios and easly reset the settings to where you had them. | 
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