yes, you can overclock it but you will still not get very good results with modern gaming using that setup. CPU intensive games will more than likely be held back quite a bit. also the motherboard is not top quality and you are stuck with DDR3 RAM that can also be a limiting factor in a lot of newer games. if you do use this setup find the fastest set of 16GB DDR3 you can.
you will need to do a search for overclocking in ~2012 and you will find lots of instructional videos and articles related to overclocking the FX series. make sure you have adequate airflow in your case and a very good cooler with very good fans because these are known to get very hot in a lot of builds. you will know it's safe when your system is stable and when the temps are not dangerous.
i was a previous user of the 8350. had mine running @ 4.5GHz with a CM 212 EVO, a really nice Asus TUF FX motherboard, and higher-quality fans. it stayed at good temps most of the time. also handled most of the games from that era fairly well.
in 2014 i upgraded to the i7-4790K and it totally blew away the FX in gaming and any kind of intense processing, everything jumped up 15-30fps with the same PSU, GPU, RAM, and case.
i would not recommend OCing that cpu the gains are likely not noticible in gaming anyways. but i always recommend at least a small overclock on the GPU here is a good guide it should work on your GPU. GPU overclocking is safe as long as you dont push it to the max even then there is little chance of damaging anything.
I had an FX8350 overclocked to 4.6 Ghz on a Corsair 240mm Radiator. After that it hit a wall, high voltage required to get past it and high temps as a result. On Air I think I had 4.2 Ghz. It got hot quick. But I also had Asus Sabertooth mobo, very stable, very good VRM. And it could drive 4 memory sticks at 1866 Mhz.
I had some other mobo in the beginning, with 970-chipset IIRC. But 990FX-chipset was much better.