It wasnt until the Pentium II that Intel started shipping multiplier locked CPUs. Before then you could set the multiplier on your CPU to anything that was supported by the line, and if you had a good chip and good enough cooling you just overclocked your processor. Intels policies changed once remarking, the process of relabeling and reselling a lower spec CPU as a higher one, started to take off.
While multipliers were locked, Intel left FSB overclocking open. That would be an end user or system integrator decision and not something that could be done when selling an individual CPU. However, ever since before the Pentium III Intel had aspirations of shipping fully locked CPUs. The power of the enthusiast community generally kept Intel from exploring such avenues, but we live in different times today.
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With Sandy Bridge, Intel integrated the clock generator, usually present on the motherboard, onto the 6-series chipset die. While BCLK is adjustable on current Core iX processors, with Sandy Bridge its mostly locked at 100MHz. There will be some wiggle room as far as I can tell, but its not going to be much.