You should be able to run 3.5ghz at least without too much trouble.
In the bios select highest multiplier which will be 21 with turbo enabled and then up the baseclock 'fsb' to 166 or thereabouts.
Leave everything at auto to start and take it from there. Drop your memory multiplier if you need too so as not to overclock your memory past its correct setting.
Anyway this will explain it better.
http://www.bit-tech.net/hardware/cpus/2009/09/21/overclocking-intel-s-core-i5-750/1
I had an i5 750 before i had my 760 and it did 3.5ghz with no trouble with everything on auto on my gigabyte board.