this is a entry level Xeonhttp://www.newegg.com/Product/Product.aspx?Item=N82E16819117234
Yes it can be overclocked. It works on a x58 chipset EVGA x58 classified is the board to use with it.
^will be a good idea if your building a server or into applications that can utilize it.
But you notice its price. You might as well buy a 2600k for that price which will outperform it in gaming coz there's no use for all its features in gaming.