well, there are 2 things involved in your processor speed. The front side bus (FSB) which is the speed at which the processor and the chipset operate at. and a multiplier which when multiplied by the FSB gives you the MHz of the processor.
Say your processor is a Pentium 3 450 MHz. It has a 100 MHz FSB, and a 4.5 multiplier. The fixed multiplier prevents remarking of processors and a certain way of overclocking.
So, the 4.5 is fixed. This means that a vendor cannot remark the processor package and sell it as a 600 Mhz or whatnot. And this prevents end users from overclocking it to anything else, unless the FSB itself is changed.