Yes you got a "bad" chip... You can see from my signature what you can do with a good chip.
Overclocking is like gambling.
I have a 3570k which will run at 4.3Ghz, but it occasionally crashes. Had to turn it down to 4.1GHz to get it stable, even at 1.35V (I have a big cooler and expensive mobo, and was hoping for 4.6Ghz!)
I have two Phenom II Quad cores, identical builds, one overclocked to 4GHz, the other will not go beyond 3.45Ghz