It's possible. But why would you want to? Not much software takes full advantage of an 8 core Mac anyway. What would you gain by overclocking it? Big deal if you fry a $400 PC. Do you really want to run the risk of frying a $3000 Mac?
That's exactly why you would do it, because not much software takes advantage of 8 cores. This will help speed up single-threaded applications.