I think Anand is going to have this board in their big 845PE roundup coming up. You will want to find out what overclocking is before you try it. Overclocking can be potentially dangerous if you don't know what you are doing, but it is pretty safe with this motherboard since it doesn't offer any dangerous voltages. The BE7 is a good board when it comes to overclocking.
As a general rule, don't adjust anything in the bios unless you know what it does, and don't go in huge steps. Small steps will ensure your computer POSTs every time (POST is when you first turn your computer on, you hear the beep, and see the screen showing your CPU, ram, and some other info on the screen, depending on the motherboard.)
Overclocking with the Pentium 4 is a lot of fun because you can get pretty far with the stock cooling and and stock CPU voltage. I would recommend a 1.8A Northwood P4 (make sure it has the "A", which means it is a Northwood and is a good overclocking chip). You should have no problems setting the FSB (front-side bus) to 133 from the default 100 which will give you 2.4 GHz (the FSB adjustments are in the Softmenu III section of the BIOS). This is a very safe and easy speed on this CPU, and should save you about $50 since you are running the same speed as a 2.4B.
Like I said, search for an article on overclocking so you can get familiar with all the terms. Many 1.8A's can hit 2.7 to 2.8 GHz with the right adjustments.