First download Prime95 and install.
After appling the Overclock open up cpuz and start Prime 95.
Most likely the reason that you are not seeing the overclock is that at Idle the cpu will "down shift" to a low Speed unless you disable that feature in bios. However when you need the Horspower it should jump up to the OC speed.
Also Open a program to monitor temps and voltages. Need to verify stability @ OC and insure that your cooling and PSU are OK.
That is the function of Prime95, to test stability of CPU and memory. It also places the CPU at close to 100% utilization so will max out the cpu temp so this checks your PSU and Cooling. In real life you will not see this high of temps. To check out GPU, use furmark, it basiclly does the same but for the GPU.
If using the goverment issued HSF (LOL- Stock HSF), that is a very poor HSF, so what temps (the 4 core temps) to insure they do not go above 90C. 80 C is a better max and I prefer under 70 C for any OC. My I5-2500k @ 4.6 only hits upper 50's, low 60's, using the Zalman 9900max HSF.
On Voltages, pay attention to the vcore, max spec is around 1.5 V, should be less than 1.4. The +12 V rail. min spec is +11.4, but I use 11.6 as my min.