Simple to upgrade/replace CPU..?

[miseryguts]

I am currently on a i7 920 (o/c to 3.2GHz) Motherboard: GIGABYTE GA-X58A-UD3R & NorthQ 850W Dual Rail PSU
How simple (or not) would it be to replace it for a novice that has never done any upgrading whatsoever..?

Would it be better to just further overclock this CPU or to upgrade (i have a very limited budget at the moment) if a CPU upgrade is preferable could people suggest what would give the most performance (and overclock potential) for the least amount of money..?

Thanks.

 

[miseryguts]

Many thanks for the answers, i have tried already with my (VERY) limited knowledge of overclocking to push further but can't get beyond 3.2GHz without the blue screen of death, i am unsure whether this is due to the fact that the currently installed cooler: Scythe Katana 2 Heatpipe Quiet CPU Cooler simply isn't up to the task or my i7 refuses to go any higher (as some have suggested) i have been advised to go for a: Thermaltake Frio Dual Fan as it is compatible with my case: Coolermaster CM690 Dominator Black ATX (and should allow a significant overclock) but don't really want the expense if it is simply a matter of my i7 having reached it's limits.

Any further advice would be greatly appreciated.