No there is an option for cpu auto-tune. This only works for CPUS that have an unlocked multiplier
It has nothing to do with "Black Edition " processors.
It will overclock the base clock or FSB on certain(700 series chipset and up I believe. May support 600 series) AMD board. If you have an AMD graphics card it will monitor it.
If you have integrated GPU or graphics processor on the motherboard you can overclock it.
You can also change voltages if your bios is set to AUTO.
On black edition processors you can change the multiplyer up or down. On regular processors you can change the multiplyer down but NOT up.
AMD overdrive is just OK for beginners. After you check and see what bios items it changes you should set those items in your boards bios manually. Then forget about AMD overdrive.
Always check stability !
Prime 95 http://www.mersenne.org/freesoft/
These should be ran at least 12 hours each to test for complete stability of your overclock.