Ok, I'm not going to beat you up. But I am going to tell you to investigate what each and every setting is and what it means. Please don't rely on other folks to OC for you, as that's totally against what the PC community is about. We're here in the forum to educate, not to give everyone hand-outs. Rash? Perhaps...but it's the truth that hurts.
Overclocking memory isn't a setting. You can't just overclock memory per say. It goes down to basic comprehension of what makes the computer work. The CPU and Memory sit on the Front Side Bus. This bus has a clock triggered by the northbridge at 66/100/133/200/233 (depending on what era your board is). The majority of the current boards fall into the 200Mhz range, with the P4EE's new 1066 falling into the 266 range. We'll go with the 200Mhz here as being "stock".
The memory sits on the FSB, so it's stock at 200Mhz. Since it's DDR, it's doubled effectively (data read on up and down cycle, so "effectively" there's a 400Ghz transfer going on). The CPU kinda does the same thing and Intel procs make this a 800Mhz core setting. All of this is fluff though really, and you have to look past this and get back to what it's truely running...and that's 200Mhz.
Now, the CPU has a multiplier. It takes that 200Mhz signal against that set number to tell it's core what to run at. A 550 has a 17x multiplier, so 17x200=3,400 (3.4Ghz). When you overclock, you either raise the multiplier (can't) or raise the FSB (can). Raising the FSB to 215Mhz on that same CPU makes that 550 run at 3655 which is basically a 560. That's the root of where OC'ing started. Buy low, run big and save money.
Since the Memory sits on that FSB, it increases in speed too as you ramp up the FSB. These timmings are pretty simply settings to tell the memory how long to hold data and release it in a set of times or latencies. If you ramp up the FSB and the memory, it may not like a CAS2 for very long and you'll have to raise it to something it can handle, like CAS3 or 4. This is because it's made to run at 200Mhz, not 230Mhz. That CAS2 setting is asking it to keep "thinking" as fast and deal with data at the same rate in specs it isn't designed to handle. Think about driving a car at 60MPH and 130MPH. You need to think quicker and deal with sucking up all your surroundings to keep the car on the road. Your eyes speed up to get the faster flowing data and the brain figures out what to do with it. What would take a quick glance to figure out what it is may now take longer pauses to figure out if it's a shadow on the road or a cow. You'll either want to slow the car down or comprehend faster.
So, you adjust timmings so the memory handles that faster bus better and keep it from failing data transfers. It may be spitting out "shadow on the road" when it's really a "cow". When it fails in data transfers, you get crashes and such to let you know it's not doing too well running this fast under these instructions. You could adjust timmings from a 2.5 to a 2 at normal speeds and see nothing increase overall. These are timming speeds and not clock speeds, so it's not really improving performance. Another anology is putting 3" exhaust and headers on a stock engine. The engine isn't asking for more input or output, so it didn't need this modification and shows no improvement unless it was undersized to begin with.
The other things you may see in your BIOS is AGP and PCI lockdowns. They're also triggered by the same clock trigger to run their bus on. The PCI runs at 33Mhz and the AGP at 66Mhz. If you increase the FSB trigger, you also increase the PCI and AGP speeds. Hardly any PCI and AGP buses like any overclocking at all. Their cores may, but that's totally independant of the Bus they sit on. Locking these down keeps them at 33 or 66Mhz while you dork around with the FSB for the memory and core. Sort of like working with a smaller sector of components instead of one setting effecting the entire set.
Yes, the settings are all in the BIOS. Board also come with software that you can run ontop of windows and make the changes in there for you.
Setting you current memory to 2-3-3-7 may do nothing at all. It's a cause and effect world in there, and if it doesn't need those settings, don't do it. Those are odd settings IMO anyway. 2-3-3-8, 2-2-2-8, or 2-2-2-5 may be worthy settings to shoot for. But again, if you're not hitting a wall on a FSB increase, these timings mean little to nothing.