The Simply Answer is Yes.
I 'had' the EXACT same spec as you, now i dumped a fx 8350 in there, with ZERO prior overclocking knowledge, and ive got it working. I just downloaded the 'AMD Overdrive' software to overclock your CPU, and ran a 'AutoClock', now everything works.
In my case, i needed to:
- Download the latest BIOS, 3030
- Turn off all the turbokey etc on the motherboard itself
Here is screenshot, i hope others do the same and save themselves a fortune, as i now have a CPU which is approx 35-45% faster than previous according to many of the benchmarks. Hope this helps:http://postimage.org/image/79ihq8vdh/full/