Do a search on
www.google.com for "overclocking amd cpu" and you'll have more than enough info to get you started.
Most people who overclock don't use the stock cpu fans, they get bigger, louder ones to move more air. Your mobo needs to support OCing as well.
OCing is kind of "exceeding mechanical limits" of the cpu, so it's reasonable to assume the life of the unit will probably be diminished (also, quite easy to fry it, if you're not careful).
The question to ask yourself is, "Are any possible benefits to doing this worth the risk of damaging/destroying my cpu/mobo?"