If you do decide to go the overclocking route you'll need to do some research then take small steps increasing speeds to find the limits of your hardware.
I've been running AMD PCs for years so I don't know much about overclocking Intels. There are probably some guides in the
Overclocking & Cooling forum. A quick google for "i7 920 overclocking guide" brought up
Core i7 Overclocking Guide For Beginners. May be useful
For changing memory timings I found
this thread which has pics of all the bios screens for your motherboard.
MB Intellgent Tweaker/Advanced DRAM Features
The "system memory multiplier" and "DRAM Timing Selectable" look like the relevant options. Here the 1066 would be the same as 533 reported in CPUZ. With Double Data Rate (DDR) memory data is sent twice per clock cycle so some software lists it as double the underlying frequency presumably because higher numbers always sound better..
Anyway, I don't know quite how they'll work so you'll have to look at the available settings to find what works. You may find there is a "1600" option and selecting that will automatically pick the correct timings and voltage.
Actually you may need to enable the "Extreme Memory Profile (XMP)" setting as your CPUZ pic shows the 1600 SPD setting listed as "XMP".