Typically overclocking occurs when a a specific device has a kernel source release by the manufacturer and is often the first development achieved on the device in question. Upon the release of the HTC Sensation and EVO 3D many people assumed that development wouldn’t be possible due to the fact that both phones are still locked up and news of an update, much less a kernel source, coming is nonexistent at this point. Having said that the infamous developer responsible for the SetCPU application, Michael Huang, has achieved this feat on the HTC EVO 3D, a little over a week after release, with use of his application and temp-root.
While the initial task was performed on the HTC EVO 3D, it has been said that the same feat can be performed on the Sensation. At this time no instructions have been posted, however you can follow the developer, @coolbho3k  on twitter for more information and updates as they become available.
[Thanks to those that sent this]