Not all CPU's and chips are made the same. A CPU is usually clocked at a rated speed, in the Droid X's case 1 GHz. The Chip can most likely perform over this rating, but during the testing process they found that it run the best at 1 GHz or less.
The reason yours might be getting hot and freezing is that the CPU in your phone is not as good as ones in the Next guys phone and therefore you are having issues. screen freezes and heat are sometimes a good indication of OCing to far.
In your case, scale it back a notch say to 110000 and see what happens, if it stays stable at that, you can try bumping it up in little baby steps till it starts acting up and then scale it back a notch and leave it there.