Do you have the vanilla P5K or the P5K Deluxe? I can give you some tips about the Deluxe, things may differ a bit on the vanilla but it should be close.
#1. Flash your BIOS to the latest version, some options won't appear until you do, plus they newer BIOS's are able to OC a bit better.
I'll List out my BIOS settings for you and some info I have learned about them in some cases. I'll just cover the 'Jumperfree' menu for now, nothing outside that menu is likely going to affect your OC, with the exception of your CPU multiplier setting found in the 'CPU config' which I found I had to set manually at first, and everything else in that menu should be disabled. I've given you my settings in some cases so you can try to scale your OC from there, and in some cases I gave safe settings (DRAM Timing) because my info is irrelevant.
Jumperfree Configuration
-AI Overclocking: Manual
-CPU Ratio Control: Manual
-Ratio CMOS Setting: [Spec Multiplier]
-FSB Strap to North Bridge - Auto (This setting allows the DRAM frequency to stay at the ratio you want at any frequency, you'll see when you change the FSB Frequency the DRAM frequency changes automatically to the correct value)
-FSB Frequency: 400MHZ (mine)
-PCIE Frequency: 100MHZ (safe)
-DRAM Frequency: 800MHZ (mine)
-DRAM Timing Control: Manual
-DRAM Command Rate: 2T (I can only get 1T to work at lower frequencies and looser timings, I've seen much of the same on forums that not too many people can get 1T to work)
> *Safe settings, adjust tighter after stable*
-CAS Latency - 5T
-RAS to CAS Delay - 5T
-RAS Precharge - 5T
-RAS Active Time - 15T
-RAS to RAS Delay - 10T
-Row Refresh Cycle Time - 42T
-Write Recovery Time - 10T
-Write to Read Delay - 10T
-Read to Precharge Time - 10T
> *Safe settings, adjust tighter after stable*
> *My settings*
-CAS Latency - 4T
-RAS to CAS Delay - 4T
-RAS Precharge - 3T
-RAS Active Time - 5T
-RAS to RAS Delay - 3T
-Row Refresh Cycle Time - 42T
-Write Recovery Time - 6T
-Write to Read Delay - 3T
-Read to Precharge Time - 6T
> *My settings*
-DRAM Static Read Control - Auto (mine)
-Transaction Booster - Auto (mine)
The previous couple of settings are new to recent BIOS''s and there is very little info about them, most people say they cannot POST with both enabled at the same time, but if I leave the Boost level at '0'' I still get a performance boost, and it''s stable. If I change Boost Level to '1'' I can''t POST with DRAM Static Read Control enabled as well. If I disable DRAM Static Read Control and use Boost Level '1'' I can POST with looser timings, but I lose the performance gain, so I found my settings the most stable with the best performance I can get out of it. Unfortunatly everthing I just said did not work in the long run, I need to set both to Auto for long term stability.
-Clock Over-Charging Mode - Auto (don''t know what this does, everybody has it set to Auto)
-CPU Spread Spectrum - Disabled
-PCIE Spread Spectrum - Disabled
-CPU Voltage - 1.40v (mine)
-CPU Voltage Reference - Auto (you can set this manually if you understand it)
-CPU Voltage Damper - Enabled (This is the setting that controls vdroop,it''s awesome, vdroop pretty much goes away).
-CPU PLL Voltage - 1.50v (mine) (seems to improve stability by setting manually)
-DRAM Voltage - 2.1v (mine) (my memory is rated at 1.9v-2.1v, it does not like to be overvolted (is that a word?) at all on this motherboard, more than 2.1v crashes all my memory overclocking tests.)
-FSB Termination Voltage - 1.40v (mine) (seems to improve stability by setting manually)
-North Bridge Voltage - 1.55v (mine) (seems to improve stability by setting manually)
-North Bridge Voltage Reference - Auto (you can set this manually if you understand it)
-South Bridge Voltage - 1.20v (mine) (on''t post at 1.05v with my current OC, Auto works for me too).
So there ya go, I hope it helps you a bit anyway. Keep in mind that my settings are not finalized, I am still messing with my OC trying to get to 3.4GHZ stable, I can get the CPU stable at that Freq., but not the memory I''ve hit a wall.
Edited: I had to change the settings as 3.4GHZ didn't stay stable, so they now reflect my settings at 3.2GHZ which is perfectly stable for months.