With that motherboard you mat top out at around 3.5-3.6GHz due to the motherboard lacking a good VRM heatsink. Since the CPU multiplier is capped, you will have to overclock using the bus clock speed which means that ti will overclock many other components. You may have issues getting past 1.45V on that board (CPU voltage may become unstable as the VRM protection kicks in).
A good starting point is to go into the bios and lower the memory clock speed, as well as the multipliers for the north bridge, and hyper transport (keep both close to their clock speed), you can then give the CPU around 1.4V and push the clock speed to around 3.4GHz and begin testing for stability and increasing voltage as needed.
Also make sure that the turbo boost is disabled as well as cool n quiet (the way it adjust the clock speed and voltages does not always create stable combinations when the CPU is overclocked).
Also make sure you are not using the stock cooler as it is barely enough to handle the CPU, even a small overclock will cause the cooler to run significantly louder (unless you only overclock on stock voltages, which will not get you much).
PS, on the AMD platform, overclocking the north bridge increases the memory bandwidth and reduces memory latency slightly while overclocking the hypertransport offers little to no benefit (sometimes there will be a small boost in storage performance when you have multiple SSD's in RAID 0.
Well you can overcome the Heatsink issue on the motherboard. There are plenty of options to upgrade motherboards with poor heat sinks. Look for copper bases first as they are great. I have seen people paint the ones they buy. DONT DO THAT. that is tech suicide LOL.
Since this is a phenom it is generally a good overclocker but take it slow and do not go past 1.45 V your VRM will eat you. A lot of what RAZOR 512 said is so perfectly correct but I can offer you some work arounds for the motherboard. One update its bios to the latest version. 2 go spend some money on a good set of upgraded VRM heat sinks and get one that preferably has heat pipes going to the north bridge too. Even better if you get on that has a small fan. You would be golden and then VRM protection wouldnt generally kick in if temps were low enough. I have seen cool n quiet work at 3.6ghz but stability can sometimes be hurt so that one is your call.
Good luck and take it from me the money would be well spent. I have done dozens of those upgrades on friends boards and I have seen mediocre boards do some really good overclocks with a simple heatsink upgrade