I'm wondering if this motherboard http://www.newegg.com/Product/Product.aspx?Item=N82E16813131826 will be compatible with an Intel Core i3-2120 Sandy Bridge. Also, eventually I would like to upgrade to an Intel Core i5-3570K Ivy Bridge. I read somewhere that the H77 chipset does not support overclocking. Is this true? If so what are some options for motherboards around the same price?
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That board is compatible. The 2120 does not support overclocking so it is a mute point that the board does not if going with the I3. You need a "K" series CPU for overclock and P67, Z68 or Z77 board!
Oh I mean overclocking later on an upgrade to a Core i5-3570K Ivy Bridge, not on the 2120