*disclaimer* I am no expert in overclocking but I have done it more times than I can remember. Overclock at your own risk!
Alright here we go. First you can either overclock using the BIOS or using a third party software. I recommend the latter since it is more user-friendly.
There are a number of software you can use for overclocking. I would recommend the MSI command Center or Intel Extreme Tuning Utility. I will go with Intel Utility for now. The basic principle remains the same throughout all kinds of software.
First there are the multipliers. I recommend you start with those. Increase the multiplier one step at a time. For example, if it's at x33, increase it to x34 and apply changes. It is recommended you stress test each time you increase the multiplier for at least 5 minutes.
There will be a point when your PC crashes. Let's say it crashes at x36. Restart your PC and set the multiplier to x35, run a stress test. If it's stable, you are done.
If you still want to push your processor further, increase the core voltage by
0.005V (THIS IS IMPORTANT!!) Do not go over 1.4V mark in total core voltage. That's the red flag for me. Once the voltage is increased a bit, you can push the multiplier further than before. Run a stress test for a few hours (6 recommended) to see if your rig is stable.
All done
I like Intel Tuning utility because it gives real-time hardware info and can run stress test at the same time. Most software lack that. The info they show usually lags behind due to the stress test though I am sure there are a lot of other options.
EDIT: Also that PSU is ****; especially for overclocking. Get a better one before you overclock.
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