For one thing, that is not overclocking.
Overclocking would be putting a CLOCK OVER its stock state. That is just decreasing latency.
IF your motherboard can even support those timings(northbridge issue) The stick of RAM probably can't. If the RAM could do those timings, then the maker would sell it as that. Although you may have gotten lucky and it will work.
Try running Prime95, if it comes up with errors while doing the memory test, then you know that it will not work.
As for overclocking your processor, if its Intel you can only increase the FSB, or the External Clock. If its an AMD you will, possibly, have the ability to increase the multiplier. But FSB should always be increased first.
If it is unstable, adding more voltage might be able to help.
But please read a lot more about overclocking before you actually do too much. You dont want to fry anything.