Before I start overclocking, do I need to change the memory speed to run at 1600mhz(what it should be running at)? Then I can start overclocking? This is the part that confuses me the most. Forgive me if this is a dumb question but why is the memory speeds tied to the cpu speed? Why can't you just overclock the cpu by itself?
The memory controller is part of the cpu and they are linked together for efficiency. The faster the cpu speed the faster the memory needs to run in order to release the full potential of the cpu. Otherwise you'll just be creating a bottleneck.
When your adjusting the Base Clock (stock is 133) you need to determine 1) the resulting cpu speed and 2) the resulting memory speed and make changes as needed.
the 920 has a base clock of 133 and a Multiplier of 20. 133x20=2660 or 2.66GHz
If you enable Turbo Mode at the stock speeds the system automatically decides when to increase the cpu multiplier for the Load at hand. As soon as you start increasing the base clock Turbo mode increases the Multiplier by one, after the bios loads.
The memory runs at the Base Clock times the Memory Multiplier / Ratio. With the base clock at 133 your memory multiplier / ratio needs to be at 12 in order to run at 1600. 133 x 12=1596 (close enough). You also need to adjust the memory latencies according to the speed in MHz selected thou the system will adjust these to a "safe" level if left at "Auto". But "safe" is not necessarily "optimal".
If you raise the Base Clock to 160 your cpu speed is 160 x 20= 3200 or 3.2GHz, with Turbo Mode enabled it becomes 160 x 21=3360 or 3.36GHz.
With the Base Clock at 160 and the Memory Multiplier / Ratio at 12 suddenly the Memory Speed is at 160 x 12=1920 MHz and the system is not very likely to post so an adjust is needed. If you change the Memory Multiplier / Ratio to 10 then then your Memory Speed is 160 x 10=1600MHz and your good again.
You should print out the guide I linked you to as a reference. Once you start overclocking there will come a point when you start getting errors messages, BSOD and Lock-ups. These will require changes to various different settings / voltages and I've indicated what settings need to be adjusted for various errors in the guide.
I recommend LinX, RealTemp and Hardware Monitor for stress testing. Use RealTemp for the CPU Temps and Hardware Monitor for monitoring the voltages and the rest of the temps.