yes as you have an excellent overclocking motherboard (one of the best

)
i would be a bit concerned over the psu, when overclocking, its important to supply constant voltage, and most generic psu's are not good enough.
And what cooler have you got? As a stock cooler will severly limit the overclock.
there are loads of guides on the net (just google E5300 overclocking), but here is my effort.
this is a very basic explanation of overclocking
its basic maths. your E5300 is rated at 800mhz. you always divide this number by 4 so 800/4= 200, this is your FSB. (or cpu frequency)
then your processor (cpu) has a multiplier of 13 (or cpu ratio)
so 200 x 13 = 2600mhz or 2.6GHz, your stock speed
boot into bios,
manually, unlink your ram, so it stays at stock speeds, you can overclock the ram later.
this means leave it at 800mhz, 667mhz, whatever
can you raise the fsb? yours is now 200. try rising it to 220 (2.86GHz)
boot into windows
download realtemp and coretemp (google them)
install and run them
then download intel burn test (ibt) and run it.
have a look in task manager and notice how much free ram is listed.
in ibt set threads to 2 (for 2 cores) and then click on custom ram and enter an amount just below the free amount.
eg. i have 2520mb free ram. so i enter 2500 into the custom ram.
run the test for 10 passes. for now,
keep an eye on temps (do not let it go over 70.c)
or download prime95 and run the torture test/large fft's
if test runs fine, go back into bios, and change frequency (fsb) to 240 (3.1GHz) and repeat the tests.
keep increasing the FSB, by 20mhz steps until windows will not boot, or test fails.
then just go back a step (remove 20 from the fsb) to the last stable frequency,
or
just raise the cpu voltage a couple of levels. it should now boot.
its a balancing act, higher voltages will get you higher fsb, but it will also give you higher temps.
max voltage for a E5300 is 1.36v
the trick is to do this step by step, just take your time.
also some people have had more sucess shanging the cpu ratio (multi) to 12 or even 11
edit.
can you tell us
Psu make
Ram speed and amount
Cooler