The multiplier is unlocked, 12 isn't the limit. Your bios will determine your limit which I'm sure will be much higher than 12. If change the multiplier you will have to up the voltage to you cpu, if you increase the bus speed you will have to up other voltages, like the northbridge, ram etc. There aren't firm overclock settings for any combination, it's a black art sort of, you have to keep fiddling until you get maximum power and stability.
You will need quality ram if your going to buy a QX9650 if you want to run the ratio at 1:1, otherwise you'll have to drop the memory divider. The amazing thing about the QX9650 is that overclocking will be limited by other components and not this cpu.
There are many overclocking guides around web, I suggest you have a good read before tinkering, actually anandtech publish there bios settings and they have with the GA-x48T-DQ6 mainboard which is what I own, it's the tock cycle of the technology which means its the pinnacle overclocker in the X38-X48 lineup. Some people like the P45 boards.
One issue I have with overclocking is the speed step technology, which needs to be refined alot more. For example my cpu will jump to 4.2Ghz without having all of the 4 cores loaded first. That's why I now have it dynamically overclocked, which mean it will run at any range between 2Ghz and 4.2Ghz. I suggest you look for a feature called DES advanced (Gigabyte) in your new mainboard. Good Luck.