BIOS settings for H61M D2h

[vdtiwari]

I just purchased this board and in BIOS came to these settings as performance enhance with three options
Standard,turbo and extreme.I want(its obvious to choose extreme,currently it is set to standard)to know,though I guess it overclocks,that what will be the pros and cons of doing this also how and what will change.My rig is
i3 3210,WD500GB,4GB RAM,board above and PSU is Cooler Master Thunder 450W(don't know will PSU matter or not but I enlisted it).

 

[vdtiwari]

It is overclocking according to gigabyte but Tom's Hardware mods says its not,anyways I played games like Absolution,Conviction,Saints row 3,Sleeping dogs without any glitch at standard(and i don't have any GPU) so that suits me.