Yes your system is Support for Oc, if you don't understantd about OC for better just stay in default, and Oc is dangerous and avoid warranty. I suggest read guide first. If you are ready you can ask in the forum.
Read the guides and make sure to understand them before fiddling with OCing....It will save you a lot of grief I assure you.....The guides are Jam packed with OCing goodness
K's are pretty easy to overclock. You can leave everything at stock values except internal CPU multiplier and perhaps core voltage and achieve a stable overclock if you do not overdo it.
I do not like to overclock video cards. I think they run hot enough anyway.