3.2GHz on a Vanilla P5K is actually not bad at all as it only has a 3-Phase VRM which is really not suited to overclocking quads.
My old asus 650i board also only had a 3-Phase VRM setup and my q6600 topped out at 3.1ghz. quite disappointing as the same board took my e6600 to 3.6GHz no issues, with that I quick changed my board out for a p5k premium and with watercooling my q6600 G0 is sitting happy at 4GHz
If your quads a G0 stepping and it has a low VID indicated in core temp (less than 1.25v) it probably has a decent bit of oc headroom on a better board along with good cooling.
My old asus 650i board also only had a 3-Phase VRM setup and my q6600 topped out at 3.1ghz. quite disappointing as the same board took my e6600 to 3.6GHz no issues, with that I quick changed my board out for a p5k premium and with watercooling my q6600 G0 is sitting happy at 4GHz

If your quads a G0 stepping and it has a low VID indicated in core temp (less than 1.25v) it probably has a decent bit of oc headroom on a better board along with good cooling.