Overclocking is running the chip, either CPU, GPU, or anything that operates on some type of frequency measured in Hertz beyond what the designers specified.
You are looking at the manufacturer's specs for Base Clock and Boost Clock. Modern CPUs will throttle themselves up and down depending on demand.
The K class chips indicate the the multiplier is unlocked. The system bus runs at 100Mhz, the multiplier is literally that. 100Mhz x 34 = 3.4Ghz. Having an unlocked multiplier means that you can multiply by any number that the CPU will run based on the input voltage. 100Mhz x 50 = 5.0Ghz as in the example above. Not very realistic with an Intel CPU.
That is the basics, but there is much more detail to getting a stable overclock on the top end.