You will probably void your warranty if you overclock and something fails. That's assuming they find out. Whether they will or not, I don't know.
Anyway, all P3s have locked multipliers, so you cannot change them. The BIOS multiplier settings have no effect on the actual multiplier. The only way you can overclock is to increase the FSB(frontside bus speed). However, seeing as you have a P3-600EB, it already uses a relatively high 133MHz FSB. Increasing it any higher might put stress on your PCI/AGP bus as well as your memory. Things will likely go wrong if your parts weren't manufactured with this tolerance in mind.
What motherboard do you have anyway? Is it a BX chipset or a i815E chipset or VIA chipset? If its the latter 2 you'd have a better chance of overclocking since your PCI/AGP speeds will be kept closer to their original specifications at higher FSBs.