i5-3570K
If you have TURBO on which you likely do then the Max Turbo is 3.8GHz.
It's actually slightly more complicated than this, so I'll just show you how I overclocked my i7-3770K, because depending on HOW you overclock then 4.2GHz might not be a 400MHz above 3.8GHz. You can change multipliers for example.
Your motherboard may be setup differently. You can even just try the built-in overclock utility first to see if it works. Don't forget to run:
a) Memtest86 www.memtest86.com
b) Prime95 or similar
c) Intel CPU diagnostic (mine sets my i7-3770K to 3.5GHz, no Turbo, and I have to reboot to get my BIOS settings back. sigh. Maybe not pointless to use, but it doesn't validate my overclock)
Monitor CPU freq under:
Start-> Task Manager-> Performance-> CPU-> "Speed"
1) TURBO ON
2) XMP ON
3) manually set the MULTIPLIERS for 1,2,3,4-core configurations (ended up with 43, 43, 42, 42)
I could have tweaked a bit higher by messing with VOLTAGE but I didn't want to bother. I have adequate cooling, but messing with Voltage will raise the temperature a lot more than raising the frequency. Some people raise voltage just a tad but a stable 4.2GHz under full load is just fine.
So...
*normally my full load performance would be about 3.6GHz. Going to 4.2GHz raises my performance for programs that benefit by almost 17%. Like HANDBRAKE for converting video. That scales perfectly.
It may or may not make a difference for games. It depends on the game though I'd expect between 0% and 10% depending on the game, settings and GPU.