Since you can't adjust the cpu multiplier, you can only overclock the A7M266 by raising the FSB speed. That's not really a bad thing, since you get higher overall performance with higher FSB as opposed to higher multipliers.
First, you have to set all the jumpers on the board to allow adjustment of the FSB in bios. I don't have my manual with me, so I can't be more specific--sorry. Second, you have to enter the advanced section of the bios utility and set the FSB to "user define". Then click on the FSB setting and a box will pop up giving you the option to increase the FSB by 1mhz. Keep doing this until you get to where you want to go.
Before you try this make sure you have a top-rated heatsink/fan, like the Glaciator, etc. (check the reviews on this site). Assuming that you also have good case ventilation, and your peripherals and memory can handle it, you should be able to run a FSB of around 150mhz for a total speed of around 1.6ghz. Oh yeah, you'll probably also need to adjust the jumpers on the board to raise the voltage to 1.85. The voltage jumper is in the corner by PCI slot 1. You'll have to remove any PCI cards from that slot to get to the jumpers, and even then tweazers will be a big help.
A word of warning: if you go too high the board may not be able to post. If that happens clear the cmos (see manual around p. 57--set jumper near battery), then reset all the jumpers to default and 100mhz FSB.
Good luck.