The open nature of Android OS lets you do quite a lot of modifications like rooting, installing Custom ROMs and overclocking. Overclocking requires root access to your system files and hence perform customizations and heavy modifications. Overclocking means running the CPU at a faster rate or higher clock rate. This means you are increasing the number of clock cycles per second and hence the name overclocking.
Here is a short video of how to overclock LG Optimus Me P350. Also note, the ROM I am using is not the stock ROM, it is Cyanogenmod 7.2 running Android Gingerbread 2.3.7 and it is rooted. Rooting is necessary for overclocking. The app used her is SetCPU