The motherboard and processor are both fully compatible. The ability to overclock does not come with the board and that is what flashing the BIOS will get for you.
1)Assemble the system
2)Do not install your OS (Just a precaution)
3)Use your current computer to download the updated BIOS and load it onto some form of removable media
4)Boot your computer, enter the BIOS (DEL or F12 usually)
5)Locate the flash utility (the manual will cover this in detail)
6)Point it at the file you downloaded. It will tell you when it is done and needs to reboot
7)Confirm the BIOS revision now matches what you downloaded
8)Install OS
9)Reboot, go back into the BIOS, and start overclocking
Not really sure on the rules about posting links to clandestine BIOS updates, so you will just have to google that. The motherboard will have an onboard flash utility you just need to supply the new file.
The standard heatsink the CPU comes with is adequate, but not at all ideal for overclocking. I suggest any cheap aftermarket cooler around $25-30. Cooler Master Hyper TX3 is about $25 and will be far superior to the stock cooler. Also fits inside most chassis.