Yes, it's fast enough, your write speeds will be a bit slower, that's all.
Also, I'm really new to overclocking and i really have no idea what it is and what u actually overclock. Graphics card or processor?
Everything, you can overclock, your graphics card, CPU, and memory. Your CPU speed is equal to FSBxCPU multiplier. And your memory speed is dependant on the FSB speed you use and the divider. Your graphics card is overclocked through an OS based application like Rivatuner. It will be a lot easier for you to understand once you are sitting in front of your BIOS screen.