Well, yes, this mainboard has the Overclocking functions for the CPU. GFX overclocking doesn't depend on your mainboard, you can use the tool "Rivatuner" for it.
Asus might have a bad support depending on your country. Here, in Germany, it's really bad. So you might take a look on Gigabyte or something. That might be the better choice. Are you thinking of SLi? Then you'd need a board with a nForce chipset and minimum 2 graphics card slots.
Edit: just took a look at it. There are quite a few boards out there for less than 90€ with that "fancy-dancy" heatpipe cooling. But the choice depends on your future plans, SLi or not etc. You might even upgrade on DDR3, but that would be a little too pricy.