it can be a little confusing at first, especially with athlon64's.
I'll use the numbers that I posted above as your example:
BUS@278 x MULTI@9 = 2502MHz / RAM-DIVIDER@11 = 227.45MHz VCORE=1.48V
... now lets break it down
BUS@278 <--- this is the system BUS (or FSB) speed, this is your motherboard speed
CPU MULTI@9 <--- this is what determines the CPU clock speed based on your BUS speed. since I have set the system BUS at 278MHz, with a multiplier of 9, we end up with a CPU clock speed of 2502MHz (2.5GHz)
HTT MULTI@3.5 <--- (this setting wasn't in the above example) this is what determines your hypertransport link speed. it works exactly the same as the CPU multi. since I have the system BUS at 278MHz, with a multiplier of 3.5, we end up with a HTT link speed of 973MHz. this setting is important, you want to keep the HTT as close to 1000MHz as possible without going over. you may be able to go a little higher, but chances are you'll have problems above 1000MHz
RAM DIVIDER@11 <--- without this setting, your RAM will run at the system BUS speed. your RAM may run at this speed, mine wont so I need to bring the speed back down. once you have set your CPU clockspeed, you then set a memory divider to lower the RAM speed. since my CPU is running at 2502MHz, I use a memory divider of 11 to bring the RAM down to 227MHz
VCORE@1.48v <--- you may or may not have to increase the voltage. be careful with this setting because this is how you could fry a component. raise it only if needed to stabilize the overclock, raise it in the smallest increments possible.
the basic idea is to overclock as high as you can before the system refuses to boot, then back it down a bit, run some tests to verify its stabilty. if it passes then all is good, if it fails then try to increase the voltage a little bit to see if it stabilizes the overclock.