Can't comment on the overclocking discussion - not my area!
But up until early this year when I got myself a new rig I was editing using Premiere 6.5 on an Athlon 1800+ based system and things were pretty much ok. I did have a Gig of RAM though. It wasn't geared up for video editing but it was doing a reasonable job - with about a dropped frame every few thousand on analogue capture. Given the quality of the old VHS tapes I was transferring I could live with that.
So, overclocking aside, add RAM.
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