You mean, without rebooting? I don't think so.
When you overclock using the BIOS and you boot, the CPU reads the BIOS settings once when you first boot and stores the settings in system memory.
If you are using an Intel CPU, I recommend that once you finalize your OC settings, go ahead and re-enable SpeedStep or the AMD equivalent.
For example, one of my systems is an OC'd Q6600. At stock speed it idles at 1.6 GHz (266 MHz X 6) and under load, it jumps to 2.4 GHz. When OC'd, it idles at 2.4 GHz and runs at 3.6 GHz under load. Perfectly stable.