Can i overclock a 3,4 ghz Pentium 4 'Northwood'?

Yes, you can overclock a Pentium 4. However your motherboard must first be able to adjust at least the CPU multiplier, or the Bus Speed (effectively the FSB). Go into your motherboard's BIOS and see if you can alter the CPU Multiplier/FSB; if you can, you can overclock. Higher Multiplier or FSB is overclocking your CPU.

Here's a quick lesson on what you need to know when over-clocking. Since your motherboard accepts 800MHz FSB processors (I quickly researched on your motherboard), you Pentium 4 is most likely running at a 200MHz Bus Speed (this bus speed is quadrupled to determine your FSB, 200 x 4 = 800 MHz, which is your FSB). Your FSB is 800MHz, and your Bus Speed is 200MHz.

The processor frequency (3.4GHz in your case) is determined by your CPU Multiplier and your Bus Speed. So if your processor runs at 3.4GHz, and we know that your Bus Speed is 200MHz, what figure is your CPU multiplier? Your processor's multiplier is 17 (each CPU has a different multiplier). Now that we know your CPU Multiplier and Bus Speed, let me demonstrate where your processor's frequency comes from.

CPU Multiplier x Bus speed = Your CPU Frequency.
17 x 200 = 3400 (3.4GHz).

If you are able to adjust your CPU multiplier or your Bus Speed in your computer's BIOS, you are effectively able to overclock your CPU. However it is worth noting, there were a few Pentium 4's which had their multiplier locked. If say you were able to increase your Bus Speed to 210MHz, your processor frequency would be [17 x 210 =] 3570MHz (3.57 GHz). It is also worth nothing that you may not be able to increase your Bus Speed too much, as it may require additional power from your CPU (requiring you to increase your CPU volts, which are also locked by most BIOS vendors).

With that said, I would not expect too much from overclocking your CPU. I used to overclock my Pentium 4 when I last had it in 2012, and it didn't provide a great performance boost. I built a new computer in 2012, which didn't cost much, but it was more powerful than my Pentium 4 by a long shot. Personally I think it's time to retire the Pentium 4, as hard as it may be to part ways with it, you'll benefit more from it.