You can kick up your FSB and Multiplier but eventually your system will become unstable after a certain point. This is where you start to do some risky things to your computer.

Cooling solutions
Having good cooling will give you better overclock results. If your processor is in the 55°C range while it is idle, you're going to need better cooling. Air cooling is only going to get you so far in overclocking. Water cooling is the way to go if you are going to be doing heavy overclocks and you want to use you system while it is overclocked. Liquid Nitrogen is only for short term use. Once you get some good cooling then you can start doing some of the more extreme overclocking.

Voltage Increases
Increasing the voltage is dangerous without proper cooling. The processor will generate more heat at a higher voltage. Increasing the voltage will increse the system stability though and you can increase the FSB and Multiplier even higher. You must be sure to monitor your temperatures to make sure you don't fry anything.

Upgrading your BIOS
Some BIOSes don't have overclock options or don't have good enough overclock options. The best way overcome this is to flash the BIOS. Basically you put a flashing utility and the new BIOS on a floppy disk, boot from it at startup, and install the bios. This too is risky because if anything goes wrong during a BIOS flash, you may ruin your BIOS. If you have a dual BIOS motherboard, than you don't have to worry about anything. If you have just a single BIOS motherboard, then you will need to either get a new BIOS chip, or get a new motherboard.

IMPORTANT NOTE: When doing extreme overclocks, we recommend you enter the BIOS immediately after you change your voltage, FSB, or multiplier so that you can monitor the system and CPU temperature for a few minutes using the BIOS' "PC Health" screen. This way you can catch any temperature spikes before they cause any damage to your CPU.

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