The multiplier is locked (the X value) so no matter what it defaults to 3.5x so no, you're not overclocking. The only way you can make it run faster is to change the fsb.
And expecting 800Mhz from it is far too much, maybe 100Mhz more or so if your mobo supports options above 100Mhz.
More info about the board, cooling etc. would allow us to help you better.