I tried SetFSB, did a little research into how it worked. You must run it every time the computer is powered off (soft resets don't count as powering off), it modifies the motherboards PLL, or at least what the computer sees of the PLL. Changing the PLL allows the motherboards bus speed to run faster, and therefore the CPU essentially pushing it harder and overclocking both. I set it up for my motherboard (Intel Bad Axe II), messed around a bit, and managed to software overclock it further to 3.2ghz. Everything is air-cooled, it runs stable for a while at 3.3ghz but soon overheats.
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People have been going crazy trying to overclock this laptop. To the point where "I've tried all the PLLs in the list, none of them work". Which I can attest is bullshit. I went through the list, did a search for SLG8SP556V, deleted the end letters slowly and found the next closest match, the SLG8SP513V (Samsung R70). Sure enough, that PLL works perfectly.
So download Auto SetFSB, set it up and use the Samsung R70 PLL with Auto SetFSB. Use Everest to find out the base frequency of your CPU and the max multiplier. Being a lazy fucker, I added 200Mhz to my base frequency and tried that. If you want to be more specific you can do a binary search for the max frequency that doesn't result in a blue screen, and bench mark it. Reduce the frequency if it crashes on the benchmarks. Mines never overheated, but you can feel the heat increase significantly.
As a follow up, I recommend you try out DOX Optomised Drivers and if possible you can install nTune and push your GPU harder. I haven't tried the latter yet. nTune was developed for nForce motherboards, but apparently it can overclock your GPU regardless if as long as it's an nVidia card. If anyone else tries this, let me know how things went. Unlike the stories I've heard, my Qosmio has never overheated (unless you count that time I wrapped it up in a towel and used it as a baking tray), but if your laptop overheats often, maybe overclocking isn't wise. Enjoy your overclocked Qosmio.