The only Intel LGA 1155 MOBO's & Chipsets that allow any CPU OC'ing are: P67, Z68 or Z77. The newer 75/77's (except Z77 allows both CPU and RAM OC) only allow RAM OC'ing i.e. >DDR3-1333/1600 but typically only with an Ivy Bridge CPU.
Therefore, your ASUS P8H77-I will allow you run RAM (OC) >DDR3-1600 but not the IB CPU. If you want to OC both the CPU and RAM then you need a Z77 MOBO.