Most or all ASRock motherboards only have one type of overclocking feature, which is raising the bus speed. Most of them dont allow you to change the multipliers (up or down), and they dont allow you to mess with voltages.
Archangel is right, if you do upgrade the BIOS, you still wont be able to raise them because there locked by Intel or AMD.
Also note that most BIOS updates are just to add support for new CPU's and memory, they don't add new features too often.