I own a i7 3770k + ASRock Z77 Extreme6 wich runs at 4x3,5 ghz normally. In Bios I can overclock with few mouseclicks to maximum 4x4,6 ghz !! but unfortunately not stable anymore. Normally I overclock to stable 4x4,2 ghz when I play the guitar realtime with Native Instruments Guitar Rig and C7. My ASIO interface (Focusrite Saffire 24) has a minimum latency buffer of 32 samples, and I can play and record without dropouts easily also with more instances of guitar rig. thats an in+out latency of total 1,636ms. With normal 4x3,5ghz and minimum latency of 32samples I have dropouts from time to time.
So carefuly overclocking for me, definitely is a good option
best, Bert