Overclocking the latitude e5500?

You don't. The design of most laptops does not allow for any more heat dissipation than the stock CPU at stock speeds (some CPU's are even underclocked because of heat concerns).
Overclocking a laptop is the equivalent of overclocking a desktop with the stock heatsink - not healthy for the CPU and highly not recommended.
There are laptops for gaming that have additional thermal headroom, some with custom heatsinks but your laptop does not fall into that category.

If you think you still want to try it, I will recommend downloading "CoreTemp" and "CPU-z" then running "Prime95" and "Unigine Heaven" - see how much thermal headroom you do have (note that your CPU has a TJmax of 105C - you'll want to stop the programs if your temps exceed 85C)