Overclocking:
My definition of overclocking is running above the stock clock frequency.
Some people go overboard with extreme overclocking, just for their measurebation pleasure. Don't be that guy!
Pros: Programs feel snappier. Encoding and high cpu intensive tasks faster. Fast. If you have a 2500K or 2600K (i.e. "K" processors), you might as well take advantage of it and overclock... otherwise, why did you buy a K processor to begin with?
Easiest overclocking tweak; In Bios, you can change the default multiplier from 34x to 39x. Almost any K processor will do 39x easily at default settings. Done! You're overclocked at 3.9Ghz. Also, change your RAM multiplier to 16x so you're running at 1600Mhz. Another easy tweak.
Cons: None that I can think of. It's FREE performance gain!
Of course, that's assuming you're not using a stock cooler.
Get a decent $50 heatsink/cooler, it will be bigger, quieter, and will cool your cpu better.
If you are overclocking with stock cooler, that's not risky... that's stupid.
Again, why buy a K processor if you're not going to o/c it?
and if you buy a K processor, you better buy a decent cooler too... and not use the stock cooler that came with it.
Now that you're running at 39x (3.9Ghz), I bet you'll be itching to find out how higher you can go. You can still have a very stable and cool system up to 44x-45x with some work.
Beyond 45x, the few extra points you gain may not be worth the hassle (and heat and risk). There's a point of diminishing return. As I said, don't be *that* guy. Find your comfort spot.
Tips: Keep notes of every change you did to your system when exploring the 40x and above overclocking. Test stability with Prime and Geekbench. At higher multiplier settings, you may need to tweak voltages up a bit to keep stability. Run with your new speed for a few days or weeks, just to make sure it's stable (i.e. not freezing randomly)... then adjust it up again if you wish. Keep notes!!!
I'm running at 43x, 15,600 GB points. -- though I've tried 45x settings and had it running stable at that, I think 43x is a good balance of speed and temperature readings for me personally. No crashes, no KPs, sleep/wake works. Good luck!