Nope, overclocking is just the process of increasing the CPUs speed. You need to then test that by running a programme to stress the cpu to 100% load whilst keeping an eye on the CPU temp. Its possible that the overdrive utility is actually stressing the cpu as part of its process, thats easily confirmed by firing up task manager and watching the CPU usage graph.
Even once you have have got your overclock to a higher level theoretically you should always run something like prime95 for at least 6 hours to prove stability, (whilst monitoring cpu temp). Typically gaming won't max out your cpu at 100% on all cores for a sustained period of time, so is not a very good test method.
E-I