Are you talking about the BCLK (Base Clock)?
It depends on the CPU. Most newer ones the BCLK has its own clock generator and the only thing it will affect is the CPU frequency. In some CPUs the BCLK generator also controls the SATA clock generator, the PCIe clock generator and others which are all designed to run at 100MHz so if you up it it causes them to fail to work properly. That is why in those CPUs it is preferable to overclock using a unlocked multiplier.