Yes, you can certainly overclock your processor. You should probably get a third-party heatsink, though, to deal with the extra heat it'll generate. The Hyper 212 EVO is always good, but you can go with the Xigmatek Loki SD963 or the Hyper TX3 if you want something cheaper. 3570Ks will generally hit 4.4ghz with no problem, and many will go to 4.6 or higher. Experiment, changing only the multiplier in the BIOS and leaving other things (the base clock and the voltage) alone, and run Prime95 to check if your chip is stable at its overclocked speed.
You should read some guides first so that you better understand what you are doing. Search google for Ivy Bridge overclocking. Tom's has guides that focus on Sandy Bridge but still contain relevant overclocking basics for your Ivy Bridge.
Can I overclock and How do you know what to overclock to?
i5 3570K Quad Core
Asus P8Z77-V LX Socket 1155 VGA DVI HDMI 8 Channel Audio ATX Motherboard
8GB (2x4GB) Corsair DDR3 Vengeance Jet Black, PC3-14900 (1866), Non-ECC, CAS 9-10-9-27, XMP, 1.50V
Coolermaster Hyper EVO
If your intel processor has "K" in its name then it can overclock very well, altough it depends on the processor itself, but you're gonna get a good overclock either way. If it doesn't have "K" (yours has) then you can still overclock a little with the turbo function in BIOS.
To overclock just increase the multipliers in BIOS. You'll see something like "36x" in the cpu page in your BIOS thats the multiplier for overclocking(you wouldn't need to tweak this if you don't want to, most MB/CPU don't support it too well but if you want you can try raising it by 1 and since the frequency of the cpu is calculated using multipliers x BCLK 36x multiplier and 100mhz will get you a 3.6ghz processor (3600mhz). You'd also have to raise the voltage if you experience BSODs or bad performance, and if that doesn't work then lower the multiplier itself too.
Test your cpu using Intel Burner, look at what GFlops you get during an overclock then raise the voltage, it it's more stable or the same then the voltage is perfect or more than enough good to go. You can also leave your computer open during the night running blend tests in Prime95 for ultimate stability.
Also, if your voltage is enough for a certain overclock, then you can try lowering since doing so prolongs the life of the chip and causes less heat. If the power is still enough then lower heat and power consumption will be improved by lowering it.
Oh and I'm talking about "vcore" voltage, or the DVID (dynamic vcore) if your motherboard has that. Vcore you set it as a fixed number and the dynamic vcore you just "lower" or "increase", you'll see it becomes something like "-0.125v", look at what the original voltage is set at to calculate the dvid final value if you tweak it. Too lower vcore and you get BSODS but no damage, too high and you get permanent physical damage on your chip, so increase it in very small steps until you get a stable OC. Don't tweak any other voltages yet, unless you need some extreme OC modifying the vcore is enough.
I only have the i5 2400 that's all I can help you with but if you read some guides on the internet you'll see that it's very simple, once you get the hang of it you'll do it with your eyes closed, well figuratively, you wouldn't want making some mistakes in the BIOS and screwing something up. If you did, then just remove the CMOS battery so you reset your bios. (a little "pill" flat battery on the motherboard, it's visible, remove it, be careful of not zapping stuff there with electromagnetic shocks, so don't touch anything else but the battery, remove it for... about 5 minutes then put it back on, the BIOS will be reset and your computer will boot again if it failed so by getting a bad overclock.). Hope I helped, and good luck.