I have heard about this before, and have thought about doing it to my crap processor... but what I need to know is, are there any risks to doing this? I've googled it, but I can only find guides on how to do it
Overclocking when done in moderation is safe. Problems that may arise however include increased heat, system instability, and decreased processor lifespan. With proper cooling and tweaking, these problems can be reduced. But follow this important rule of thumb: Please don't touch your CMOS settings unless you know what you're doing. That is all.
It is posdsible to overclock your processor I've done it with mine current one also in my casi i have a AMD ATHLON 64 bit 5200+ X2 wich runs normaly at 2.6 GHZ I have installed Nvidia systemtools for mine nvidia graphics card (G-force 9400 GT 512 mb DDR2) and from there i can overclock my graphic card and my processor he runs now under 2.7GHZ X2 you can also overclock from your BIOS but when you do not know how you should not do that
As already stated, it depends on the processor, motherboard and cooler. Some processors cannot be overclocked, some boards don't allow overclocking or don't like it, you need a decent cooler and sometimes your ram can object to it as well. EDIT: Also, I wouldn't trust overclocking software. I can put my processors well over 3Ghz with nvidia system tools, but I know fine well my board does not allow any alteration of FSB or multiplier values. When I run truespeed, the CPU speed hasn't changed.