I think you read it wrong. The CPU was NOT overclocked.
http://www.tomshardware.com/reviews/core-i5-overclock-performance-gaming,3097-6.html
" Though this should probably be pretty obvious, we weren't able to fit a P67- or Z68-based board into our budget. Both of those platforms would have allowed us to exploit the Core i5-2400's "limited overclocking" capability, which would have facilitated a certain number of 100 MHz bins over the chip's maximum Turbo Boost ratio. Intel’s multiplier cap of 38x would have been good for 3.8 GHz without the need for base clock tampering, which is already very limited.
MSI's firmware teased us with CPU multipliers up to 34x (the highest used by Turbo Boost). But on this H61 platform, the ratio is locked, and there was no way to set four-core frequencies in excess of 3.2 GHz. It's better to just let Turbo Boost do its thing, which by our observation means switching between 3.2 and 3.3 GHz, depending how many cores are active. "
Turbo Boost is built into the chips. With all 4 cores active the i5 2400 runs at 3.1Ghz, 3 cores at 3.2Ghz, 2 cores at 3.3Ghz and 1 core will run at 3.4Ghz.
They mention the limited overclocking ability of the i5 2400 with a P67 or Z68. With one of these boards even non K model i5s and i7s can overclock up to 4 "bins" over stock. A bin being 100Mhz. So these locked processors will still overclock 400Mhz. On a Z68 board an i5 2400 could be made to run all 4 cores at the highest Turbo Boost speed of 3.4Ghz. Turbo Boost would still be active raising the single core limit to 3.7GFhz I believe.
Graphics cards are overclocked inside Windows and have nothing to do with the motherboard.