you can burn your CDR media at any speed you want, but whether the final product is readable is up in the air. It depends on both media and the burner. I can burn my 4x rated Taiyo Yuden media at 12x with no problem, and it can be read on all the CDROMs I've encountered, but if I try to burn 12x with my black CDRs(only rated at 8x), some drives will not be able to read it (certain sectors are weak I think)
ugh: some drives were able to *OC* because it's actually a crippled version of a faster drive, the only example I can remember is the Yamaha 2216/4416.