AMD FX CPUs overclock well if you know the right settings, and the CrossHair V Formula motherboard is ROG's 5th Gen AMD hardware, so the team behind it has plenty of experience under their belts. As supplementary reading, we strongly recommend you reading a very good article titled the CrossHair V Formula Oveclocking BIOS Guide, written by Raja.
With that in mind, I am not going to go into too much depth about those aspects here, instead I'll be aiming at getting you directly up, running and overclocked by providing clear steps to follow in order to achieve a solid all round overclock with your new AMD FX processor. From here, and with Raja's guide, you experiment to fine tune your system and learn more.