Windows XP always reports the CPU speed as FSBxHIGHEST MULTI... im running at 3.6ghz (300x12) and XP reports 3.75ghz (300x12.5).
Its definately not speed step thats causing this. If it was speed step once your PC starts using more resources speed step turns off and your CPU should run full speed. So if you've set multi to lets say 8x in BIOS and FSB at 400mhz XP would always portrait like you are running 400x12.5x... If you were to have speed step enabled, at IDLE (and low resource usage) state(s) CPU speed would be 400x6, and once you load it up (or increase resource usage) it would run 400x8..
If you really plan on overclocking turn off EIST, C1E and CPU SPREAD SPECTRUM in BIOS.
EIST stands for "Enhanced Intel SpeedStep Technology", C1E is some kind of low power state and CPU SPREAD SPECTRUM is there to reduce "Electromagnetic Interference" (EMI) and can help in OC'ing if turned off.
Have in mind that once you turn off SPREAD SPECTRUM in BIOS it might happen that your CPU sensors report crazy temps (like 111oC or so), thats nothing to worry about since your CPU isnt really running at those high temps its just that the sensors sometimes go crazy
But to tell you the truth... You being able to run FSB at 400mhz with an E5200 is an awesome achievement (i walled out at 347mhz - 4.337Ghz@1.576V (1.62BIOS))...
you can see upper-right corner that everst didn't even detect my sensors
Going 400mhz on the FSB gives you a lot of room to increase your OC but i really wouldn't try going for 5ghz... its quite impossible unless you have at least water cooling setup, and most of the times its not about the high temps but about high voltage which can insta kill your CPU...
check this out:
http://www.adriansrojakpot.com/Speed_Demonz/BIOS_Guide/BIOS_Guide_02d.htm