Not mentioning extreme overclocking with dry ice and liquid nitrogen etc.
Those numbers of twice as fast are not actually that realistic.
Normal processors on market depending of processor ofc. are possible to tweak from 10-50% higher speed on normal conditions.(by normal conditions I mean situation that you could keep up 24/7) In reality this means gains of like 10% speed increase as speed doesnt correlate directly to Mhz amounts.
Skilled guy who has time and will and is ready to invest a bit to his system can reach up to 30% speed increase with smart overclocking of whole system including GPU, CPU and memories.
All in all... be smart dont start. It is cool when you can do it but not so cool if something gets broken, and eventually you just end up to get hooked for that stuff and spend more money to parts than you actually save from knowing what to do. Then theres things like noice etc. as you wouldnt want 70db fans blowing out in your room only cause of some heat. So in the end you will do as majority and actually tweak your system to be more silent not to actually run any faster
Also theres the point of powerusage which on modern days is raising its head. Faster it goes more it consumes... so basicly you just pay bigger electric bills for speed you dont really need. (as if you think that oc:ing can make sucky comp better you are wrong, it is not life saviour. It can turn barely playable game to run bit better or rather good running game to ran smooth, but it cant make miracles)