Yes, that is one way of overclocking, but if it'll work is another matter.
Usually you increase your FSB in smaller steps to find out where the max frequency is, not jump 34Mhz...
But it could work if you ram up the vcore enough, though if you don't have good enough cooling, you'll fry your cpu..
I suggest doing a search of the boards and learn what we've told others before you venture into the realm of overclocking... If you're still interesting, and have any questions, ask again for more help. There should be plenty of threads detailing what to do and what you'll need to do it...
Also, any question about overclocking belongs in the Cooling and Modding forum!...!