Usually, the relation between voltage (v), temps (C) and speed (ghz) is that voltage and temps go up exponentially in relation to speed. In simpler terms, it takes more and more voltage to get smaller increases in speed. The byproduct of that voltage and speed is heat.
There are several ways to increase the ability to go faster, and the usual method is to keep the chip cooler. To be honest, the 212 Evo is a very solid cooler, especially for the price. Water cooling would increase the cooling capability, and thus probably the ability to get a more consistent speed out of your chip, but sometimes you just get lucky when it comes to the chip.
The general method for overclocking is pretty simple.
1) set the volts low. Turn off turbo mode.
2) turn the multiplier up.
3) stability test and monitor temps. if it passes and stays below 80C, go back to 2)
4) if it fails stability test, turn up volts a notch and go back to 3), if it goes over-temp, go to 5)
5) turn down voltage one notch and multiplier one notch.
6) stability test to verify temps and stability. You're done.
This should zero you in on the maximum speed with a nice average overclock. The setting you don't want to go over are:
1) voltage. About 1.30v maximum for long term use is usually the limit.
2) temps. Between 70C and 80C core temps.