negative consequences? overclocking always risks the major components im your system so id say yes. On the otherhand its unlikly that you will have any but the risk is there. Ease of overclocking depends on what available control you have over the major areas - fsb, vcore and other adjustements. If your board doesnt feature jumpers for it nor bios overclocking you would have to use windows utilities like CPU Cool (which uses PLL overclocking) to overclock and that will only allow FSB overclocking and no vcore adjustements so its limited.
If you really want to push that chip invest in a newer board.
As for any risks - if you can push it far watch for heat issues, 60ºc and over watch out for, 60 wont hurt but aim below it if posible.