To understand what does it mean, first a little explanation of what a processor is and which features has. A processor mainly has a set of instructions a bandwidth which means the number of bits that can be processed with an instruction and the clock speed meaning the number of instructions that a processor can execute per second and it is given in megahertz, commonly shortened to MHz.
It is not possible to include more instructions to your microprocessor and it is not possible either to raise the bandwidth from 32 to 64 bits for example, but it is possible to raise the speed. This is called over clocking and it is not as good as it sounds. It is actually quite an ominous practice and it is not really useful. Over clocking a processor will not increase the CPU power in a great deal, typically never more than 10% so for example a 2000 MHz microprocessor may act as a 2333 MHz or less and the results are not guaranteed, similar processors over clocked with the same technique may give different results.
There are several ways to over clock a CPU, but the most common one is to tinker with the chipset features in your computer’s BIOS. This may sound pretty simple but you have to perform a lot of tests until you get a stable over clocked CPU. In the latest versions of their microchips, Intel does not allow to tinker with the multiplier of the microprocessor and this is why AMD is much more popular among over clockers.
Also, it is possible to tinker the FSB of the computer and this is usually combined with the increase of the multiplier. This can be done in Intel computers as well as AMD but it is a more difficult method and it is more dangerous for the machine. After doing so you will need to make a lot of adjustments in your system like changing the CPU voltage until it works properly.
The benefits of an over clocked CPU are not too many and the risks are a lot. The most common is the overheating of the microprocessor which sometimes it is fixed by adding a better cooling system (usually this is quite stupid because it is more expensive than changing the microprocessor). Also, over clocking is not a practice supported by the manufacturers like Intel or AMD and this means that doing so voids the warranty. There are many other risks like data corruption, system failures and of course the lifespan of the microprocessor will be greatly decreased. Furthermore, the system will not be as stable as it should be and you may experience random freezes and crashes.
Basically it is not recommendable unless you really know what you are doing and do not do it with your main computer, you may give it a try with an outdated CPU so that it will support some apps that won’t otherwise (of course until it finally crashes).

