I've figured out how this board ticks vis a vis OCing:
1) set your overclocking in bios
2) save and restart
3) It will say "over cpu clock frequency now.." followed by LDT/FSB speed you've OCed.
4) It will probably fail to boot and the PC will restart. Let it do its thing.
5)When the "skipping over cpu clock frequency" message appears do nothing. Allow windows to load to your desktop. Your pc is now running at sub-normal ghz, a sort of safe mode for CPUs.
6)Reboot windows.
7) You'll get the over cpu clock message again and the boot up will probably fail.
8) when it restarts and you see the "skipping over.." message quickly press the delete key to go into bios.
9) Make a perfunctory change somewhere ( like decreasing/increasing HT - it doesn't matter), save and exit.
This works for me. Yes it's long winded but that's gigabyte mobos (or mofos) for you.
You probably don't have to do it exactly as i did, but i think the key points are the fact that you have to a) allow windows to load fully at least once with "safe mode" clock speed and b) you must go into bios and change a setting.