As usual in car threads Soybomb is right. A turbo is short for turbo-supercharger, and it uses an exaust driven turbine to drive a compressor, which forces more air into the engine. More air means more oxygen which means a bigger explosion, which yeilds more power. Overdrive is simply a gear ratio smaller than 1:1 in the gearbox (note that due to the gear ratio of the differential or final drive the ratio of the entire transmission of a car is almost always more than 1:1, and generally in the area of 2.5:1 at the least). Example:
4th gear ratio; 1:1 (The most common 4th gear ratio)
5th gear ratio; .65:1 (A made-up overdrive ratio)
Final Drive ratio: 3.56:1 (a common differential ratio)
So the overall ratio in 4th gear is 3.56:1, and the ratio in 5th gear (overdrive) is 2.314:1 .
Zenmervolt
EDIT: It should also be noted that overdrive is usually a very large jump in ratio from the gear below it, and generally has no use other than for cruising on a flat road. Because the engine is so much less responsive when the transmission is in overdrive, BMW does not have an overdrive gear in it's 5-speed transmissions, in a BMW transmission, 5th gear is a 1:1 ratio, which also allows all the other gears to be more closely spaced.