It doesn't really think the thing was overclocked. Asus made the stupid decision to use the "CPU Overclocking Failed" message universal for ANY boot failure.
I'll assume your board is a new enough version to support 400 bus processors, as some didn't. There are 2 versions of the 3000+, one using a 333 bus, the other using a 400 bus. The earlier processor works on the earlier boards, while the later one doesn't always work on them.
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