Is There Anyway Way of Improving CPU Speed by 0.5ghz?

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That all depends on the CPU and your MB. If they were built to be able to overclock them you wont have any problems. If not you could run into heat problems very fast with your CPU. Most people that OC buy special coolers and fans for their CPUs to handle the extra heat produced by OCing.

Only by being stupid and overclocking. 500 MHZ will really make hardly any difference at all.

overclock the CPU.