Regardless if done correctly, you can overclock a laptop to obtain a substantial increase in performance with little to no side effects.
Overclocking Your Laptop
Step 1: Setup
Before overclocking your laptop, it is recommended that you restart your computer and not run any programs other than the ones listed below. Whenever your laptop freezes, immediately turn off the computer either by holding down the "power" button, pulling the power connector, or removing the battery. It is unlikely that you will damage your laptop through overclocking, but to be on the safe side it is recommended to back up your data before starting such a task.
Step 2: Setting Up Prime95
First, start up Prime95. Go to Options -> Torture Test, and select “In-place large FFTs.” This will cause your CPU usage to jump to 100%. When Prime95 is working, the icon will turn red. If the icon turns back to yellow, you know that Prime95 failed, which signifies that your system is unstable. Prime95 will not quit on its own; the only time in which the test will stop is if you manually go to Test -> Stop, or if your system is unstable.
Next, run ClockGen.
Step 3: Overclocking the FSB using ClockGen
Click on "Get Values" to obtain your current speed. If the speed is vastly incorrect, the ClockGen version is probably not compatible with your chipset. If its off by a few MHz, that's no problem.
Next, to overclock, simply move the FSB slider, and click on "Set Values." Move them in increments of 5, then after 2-3 of those, move by 1 each time. Pause 5-10 seconds in between each step.
When Prime95 fails, immediately lower the FSB. If your laptop gets stuck, restart your computer. You now know the maximum FSB of your laptop. Run the FSB at a speed a bit below the maximum (1-5 MHz) just in case. Run Prime95 a bit longer (10min+) to make sure its stable.