As long as you don't over-voltage, there's not a lot of risk to the physical components (but Optix is right; overclocking is always a risk). I do recommend to overclock by small amounts, rather than shooting for the moon immediately. Increase a little and keep doing that until the system gets unstable, and then drop your clock back to the last stable level.
Quick and easy route -- check if your BIOS supports it. (Not knowing your BIOS, I'll try to help, but will, by necessity, be rather vague.) On bootup, get into your BIOS (usually by pressing delete or F10). Look for an option like "Advanced Features" or "Chipset." On that page you're looking for something like "CPU Clock Speed" or "FSB." Increase that value by a click or two and save your settings. Reboot the system and check to see that it thinks it's running a faster processor and is still stable.
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