Overclocking is when you clock your processor to a speed higher than it is rated for in an attempt to maximize your performance and minimize your expense. For example, I currently have a 533Mhz Celeron that I have changed the motherboard bus speed from 66Mhz (which is standard for a Celeron) to 144Mhz. The result, my 533Mhz processor is now running at 912Mhz. My Celeron 533 more than likely cost quite a bit less than your 733Mhz PIII, but at 912Mhz, I'm sure that I am outperforming it. Your 733Mhz PIII is using a 133Mhz system bus. If you motherboard supports it, you might be able to clock the processor higher, but the 133Mhz FSB processors don't overclock that well to begin with.
Do you need to worry about overclocking, not really, unless you want to get more out of what you have now. One of the biggest considerations to overclocking, is cooling. You MUST have adequate cooling on an overclocked processor, or permanent damage to the processor may occur.
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If it ain't broke, you're not pushing hard enough!
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