This comes up fairly high in Google so I thought I'd add to the answer that was given:
You can, in fact, overclock on this motherboard. I have the same motherboard and CPU as the OP, and have it running stable at 4.4GHz. If you flash the BIOS to the latest version (at the time of writing that's F8b), there are a lot of settings to tweak. The big limiting factor, however, is that you cannot increase the Vcore past 1.2v.