No. I own a dV7 as well, but with a C2D T6400 and a GF 9600GT-M. If you're going to overclock a laptop, make sure the cooling system is properly designed first. HP's cooling system was designed very poorly, using only twin heatpipes for all the CPU, GPU, and chipset. Not to mention both the intake and exhaust vents are at a very stupid spot. On my dV7, the intake vent is where your leg would naturally be. The exhaust is out the back, half covered by the flip up display and the other half on the bottom part of the chassis.
The heatsink fins themselves are a huge dust collector. A good 20% of it won't get proper airflow because the air doesn't need to blow there because the fan is probably about 15% smaller than the diameter of the fan housing.
Also, I have yet to find any viable program to OC my laptop. Most programs aren't made for laptops and would lack the proper support to make any sense of a overclock on your dV7.
So....no. Unless you're ready to accept the losses if it does fail. I would OC my laptop a little bit if I could, but only because I'm willing to accept the losses.