I had this board and used it for about 8 months before recently selling it. I will say this. It has overclock settings, but the board itself is very unstable when overclocked.
I originally bought a combo of an e8400 with this board from Fry's. I was able to get the board to OC the chip form 3.0Ghz to 3.9Ghz. However, anything past 3.45Ghz and the board started doing weird things. Such as disabling integrated peripherals. For me, it would disable the ethernet lan, the front USB inputs, front audio inputs and then finally the sound card itself. The higher the front side bus, the more devices it would disable in the order I listed above. Also, the voltage to OC is not done in increments. You could just do +5%, +10%, and +15% voltage to the default voltage. Not really any fine tweaking that can be done.
At first I thought the board just needed a bios update so I got the latest but the problems still happened. Then I thought the board was defective so I switched it out. With a new board from Fry's, it did the same thing. So I thought maybe it was the batch. So I went back to Fry's for another replacement and tried to get a different serial number sequence as replacement. Even that did the same thing. So three different boards exhibited the same behavior when overclocking so I think it is safe to say the board does not overclock well.
That being said, I did have an extra NIC and sound card and could use those while overclocked. It seemed to behave OK, but there were sometimes odd stuff that would happen. Like access to the harddrives would all of sudden go from normal to really damn slow. Oh and when I said it disabled integrated peripherals, I mean just that. It turned them off so they weren't even shown as accessible in the bios. Nothing would show up in the windows device manager either. Soon as I brought the FSB back down to normal, the devices would turn back on. Strangest thing I ever saw for a motherboard.
So the short answer to your story is yes, but I doubt you want to OC with it. The purpose of the board is to make a basic HTPC. Get a cheap c2d or c2q and stick it in without the overclock. Put in a lightweight 5xxx radeon card and don't bother with the integrated sound, just use the ATI card. Hook it up to your receiver through HDMI and be all set with a nice HTPC running windows 7 ultimate.