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.