Intel made boards are notoriously poor overclockers, because they don't want you to have fun (or void your warranty)
I personally would have bought an enthusiasts board, from a manufacturer such as DFI. Anandtech explain a little something here http://www.anandtech.com/cpuchipsets...oc.aspx?i=2092
about the poor performance associated with Intel chipsets, and Intels reluctance to 'please explain'. I know the article mentions about the 915 and 925 chipsets, but check Intels response at the bottom.
"If a board provider decides to overclock their platform, they do so at their own risk, since this action will void the warranty for the Intel products. Additionally, from time to time, Intel may choose to implement functionality that helps to ensure that the Intel product experience is not degraded by those who may try to run our products out of spec."
Further, I never use the provided software to overclock my systems...it's an extremely dodgey way to overclock. Take a trip into your bios and start looking for settings that enable you to adjust your CPU bus, as it's an Intel board I'm not gonna hold my breath.
Check out XMS's comprehensive guide on overclocking P4's here http://www.sysxtreme.com/showthread.php?t=175
if you need some help, or don't hesitate to ask