It has BIOS updates specifically pertaining to overclocking, so I'd say it's a good candidate for OC. You need to get a good CPU for it though, like a Q6600, which were good for overclocking, and stay away from like the Q8000 series. You of course can also go Core2Duo, but the quads are getting cheap enough used or new.
Also make sure you get a good air cooler or hydro, the stock Intel HSF won't cool an OCed chip for crap.
My $.02