Over clocking is possible, but I would not advise it. The board's max TDP is 95W, and the CPU you have in it requires 125W. In short your risking your components by using the 8350, and if you over clock, you'll likely damage your hardware. If you can, I would return the 8350 and the motherboard to wherever you purchased them, and buy an Intel i5 CPU. No matter what you're doing the Intel CPU is by far a safer choice.
EDIT:
Also, which Corsair PSU do you have? If it's the CX series, do not attempt to overclock. You'll end up frying your components, and be without a system.