I3-2367M Speeds

[Newspee]

I was planning on getting one of the new ultra-books for uni, with a budget of around £500
After browsing for a while I've settled with this one.
http://www.amazon.co.uk/Acer-TimeLine-SuperMulti-Windows-Premium/dp/B007RMVWMY

The Geforce GT 640M seems like it's good enough for my needs (I was hoping to do a little bit of gaming)
But I'm not sure about the i3-2367M 1.4GHz

1.) Would this CPU be a bottleneck when it comes to gaming at that speed (I assume it would)
2.) If so, would I be able to overclock it, and if so what speeds could I expect out of it.

I was hoping I could get it to a speed adequate for gaming at medium settings with a decent fps (40+ or so) if that's possible.

Thanks a lot for any help - I'm not to great with this stuff

 

[Newspee]

Sorry, Seems I can't edit messages, I'll stick it here.

EDIT: I should probably add a little question on cooling - if I were to overclock this cpu would I have to invest in some external cooling? What would you recommend if I do? And would I get away with OC without extra cooling?