Some cpus will overclock, and some won't. It's never guaranteed. You need a good power supply with extra amps on the 12v rail, good ram, and a knowledge of bios settings. First item is find the cmos jumper on the motherboard. If the overclock fails, some boards won't post. You can reset the bios settings to default if this happens. With the system off, just move the cmos jumper over one position, keeping two of the three pins covered with the power supply unplugged. Then after one minute, move the jumper back to it's original position. You will also have to monitor cpu temps with a program such as coretemp, a free download. You don't want the temps to go above 80c; if it does, you need to reduce the cpu speed or get a better heatsink. I go for a 20-33% overclock.
I'm not familiar with your board; start by setting the cpu fsb and to manual, and with a 25% overclock. For example, if your default cpu fsb is 133, change it to 167 and see if the ram fsb changes automatically with it. On many boards, the default memory fsb is only 1066, so overclocking the cpu is easy.