eva2000 has the most detailed threads on motherboards......he has tested the deluxe version which is very similar to P5K bios wise anyways
i would start there with his thread and copy his work.....
the basic idea behind OCing it to quickly find out the limits of your components and to decide which ones you want to have overclocked and by how much
so the components i am talking about are
CPU
Motherboard
GFX card
Memory
you need to test them each one by one and keep the other settings at stock so that there is no confusion or other components affecting your OCs
NOW you should probably start with
RAM first with stock vdimm and timings and push the frequency with high RAM divider....hence when you boot to bios at stock you would select the 266MHz RAM divider which would run the RAM at same speed of the FSB (if your RAM is capable of such speeds that is). I would drop the CPU multiplier to 6x and set the CPU vcore to 1.35v.
Make sure you set the RAM timings too.......here is a screenshot with RAM timings (i would start with first 4xvalues as 5-5-5-15 and rest should be OK)
this screenshot also reviews the other important set of values relating to voltage of components and other things. As you can see there i tend to keep most of them Auto at first and set the vcore, vdimm and vMCH (northbridge)
I would disable Transaction Booster though just in case it puts too much pressure on the MCH or RAM
Once you start clocking the RAM past say 400MHz FSB you should probably go back to stock settings (266MHz FSB and choose a higher RAM divider). Ram divider is an option in bios called DRAM Frequency as per my bios screenshots on the first page. and select value higher than 266MHz
at some point the RAM will start playing up (Memtest Test#5 will start to error) and at that points it would be a good idea to start to increase Vdimm (RAM voltage) from stock to 1.9 and then more and more....don't push it past 2.3v as it seems your are looking for a 24/7 system now. Some RAM doesn't like voltage so your max could be 2.1v as well...
this is clearly too basic an explanation but it gives you an idea
after you figure out RAM.......start with CPU.........leave the RAM 1:1 ratio and start with 1.35v set in bios boot at 300MHz FSB to get to the looser strap (don't ask

)
and download software called SetFSB, start with orthos priming (SmallFFTs) and druing orthos runs overclock the CPU in 5GHz FSB increments every 5 minutes or so until Orthos fails...........that will be a quick and dirty way to reach CPU max at stock volts.........obviously the overclock increases as you bump the vcore as long as there is sufficient cooling
(MAKE SURE YOU RUN YOUR RAM SETTINGS AT STABLE VOLTAGE AND FREQUENCIES)
you would have gained a fair bit knowledge on the board by now so start the board next for FSB test and drop CPU multi to 6x. You should know that NB voltage will have some influence on FSB once you start reaching the top clocks

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