Make sure you update to the most current F5 BIOS. I was able to overclock an additional 100MHz because this BIOS is much more stable, not to mention there are other features available with the updated BIOS's that were not available with the initial BIOS (such as virtualization, EPP memory settings, and better memory timing capabilites).
First things first, the current Phenom's aren't great overclockers to begin with. Secondly, this board is not a very good overclocker, because it lacks some of the more basic overclocking features such as Vcore and Vmem adjustments. My 4800+ is currently sitting at 2905 MHz (264 MHz FSB x 11 multi, stock 2500 MHz 200 MHz x 12.5 multi) completely stable, but is limited by stock Vcore settings. Also, I can bump the Vmem to 2.1V from 1.8V using the EPP feature (if you have EPP ram), however it has to stay at 800MHz and when you start getting your FSB up there, you have to tune down to 667 MHz speeds to keep your ram (and thus overclock) stable (depending on ram, if you can overclock your DDR2-800 to 1000 MHz stable, you'll be fine). With better overclocking features, I could easily get this CPU to 3.0-3.2 GHz.
Also, when you start bumping up your FSB don't forget to tune down your HTT multi as well, otherwise you will have instability issues. For an X2 you want to keep it close to 1000 MHz. For a Phenom, I think it's like 2000 MHz (you'll have to research that). I have my HTT multi set to 4x (shows as 800MHz in the BIOS) so 264 x 4 = 1056 MHz. If I had kept it at Auto (or 1000MHz / 5x) it would be 1320 MHz which would be way too high.
Another little tip, the onboard graphics can be overclocked as well. However, do it in slow increments and test for artifacts with ATI Tool before you settle on a setting. You won't get the performance of a graphics card, but it'll be better than it was before. Also, despite the fact that you can give up to 1GB of your ram to the onboard graphics, you won't see any performance increase over 512MB (actually, I didn't see any increase over 256MB). This would be worth testing yourself though, as I didn't do extensive testing with this feature. Of course, if you have 4GB on a 32-bit operating system (which it looks like you do), it won't recognize the full 4GB anyway, so you might as well set it to 512MB-1GB.
And one last tip regarding memory. Most boards activate dual channel mode for memory when you "stagger" the memory modules, as in one module in slot 1 and the other in slot 3, or slots 2 and 4 respectively. However if you notice the color coding with this board, the dual channel slots are side by side, slots 1 and 2 or 3 and 4. Make sure you have the ram in the right slots (especially if you have 4 GB of different ram module sets). The manual says it's better if you use slots 1 and 2 if you only have 2 modules.
Hope some of this helps. I'm happy with my board's performance for what it is, though I still want to upgrade, but who doesn't?