Yes. The danger is that there is no other multiplier other than 5 for the P!!!500E. They're locked by Intel. So even if your mobo tells you you can change it, it will either default back to 5 or not POST. If you've got high quality PC100 SDRAM or PC133 SDRAM and your mobo allows you to adjust the core voltage you can try any FSB speed your mobo allows. Just bear in mind that:
1. You'll probably need to up the voltage a little to get stable at higher speeds. Don't go past about 1.85v without really good cooling. Don't go past ~2.0v AT ALL.
2. The BX chipset limits you to 1/2 and 1/3 PCI multipliers, and 1/1 and 2/3 AGP multipliers. This means you will start running your PCI and AGP buses at whacked-out speeds as you increase the FSB, which can make sensitive peripherals (like your HDD or vidcard) go :Q.
3. I already mentioned the RAM speed thing right?
4. Know that technically you just voided your Intel warranty by overclocking the CPU (Sorry).
5. This is BX Overclocking 101 stuff. Search the forum. Many others have had very good results with P!!!s, particularly the 500E, 550E, 600E, 650E, and 700E.
Good luck.