To make it easy on you. No, you can't overclock the board or the processor. In order to overclock an Intel® desktop process you need to get an Extreme Edition or one of the unlocked "K" models and use a board based on the P67/Z68 or new Z77 chipset.
While it is possible that you might be able to do some small tweaking to get a little faster speed out of this processor it is not going to be easy or and may not be stable. BCLK overclocking is the key, and Tom's did this on some of our 2nd generation Intel® Core™ processors when they were first released. The most that they could pull out was about 400MHz. Now how effective your board will be able to put this out of the processor you have is very much open for debate.
My advise is that you shouldn't try to overclock this processor and this board unless you have some experience.
Intel Enthusiast Team