type overclock in the market search and one should show up called "Milestone/Droid Overclock"
install it, run it, click load module, set frequency.....enjoy.
I installed a system info app to see if it actually did anything cause OC'ing seemed to be such a pain in the ass before and didn't believe it and sure enough, in the system info app it said 800MHz. So, again I thought it must be messing with me, I load up dungeonhunters cause it runs like crap on the droid once you get more then 2 moving monsters on a screen and again....i was amazed, no slow downs
milestone-overclock - Project Hosting on Google Code
it also works along side setcpu obviously