Help with Turbo Boost on i7 - New Build Info

[Exibit]

Hi guys

I have not done a new PC build for such a long time and am struggling to get my self upto date with new components

I'm looking to purchase i7 2600K though am confused with the following

Does that mean with turbo boost turned on in the Bios then under load the CPU will Overlock it to 3.8GHZ ? and when not under load drops to 2.0GHZ, was that not called Speed Step on my current MB

Current spec is below
Intel Core 2 Duo E8500 LGA775 'Wolfdale' 3.16GHz (1333FSB)
Tuniq Tower 120-LFB CPU Cooler
Asus P5Q Deluxe
OCZ 4GB (4 x 1GB) PC2-8500 1066MHz Reaper HPC Edition Dual Channel DDR2
eVGA GeForce GTX 285 SSC Edition PCI-Express 2.0
2 x Seagate Barracuda 7200.10 500GB ST3500630AS SATA-II 16MB Cache RAID 0
Western Digital Raptor 150GB WD1500ADFD 10,000RPM SATA 16MB Cache
Corsair HX 620W ATX2.2 Modular SLI Compliant PSU
Antec P180 Advanced Super Midi Tower Case
Dell Ultrasharp 2407WFP 24" Widescreen LCD Monitor
Razer Tarantula Advanced Gaming Keyboard
Logitech G9
Creative Fatal1ty Gaming Headset
Windows 7 Ultimate 64bit
2 x Noctua NF-S12 800RPM 120mm Silent Case Fan - 3 Pin
3 x Antec 120mm Silent case Fans

 

[Exibit]

Ok thanks for the replies,

I have another question though will start a new thread