Android OS 2.3 Upgrade
The OS upgrade is rather simple. You need a software called Clockwork Mod Recovery which can be downloaded from ( http://legacyschool.us.to/nookdev/clockwork/0.7/ ) . Be careful to download the correct compressed file correspond to the size of the microSD card you are going to put software on. You then use 7zip ( http://www.7-zip.org/download.html ) to extract the image file onto your desktop. Finally, you need another software called Win32Imager( https://wiki.kubuntu.org/Win32DiskImager ) to burn the image onto the microSD card.
There is a popular Android 2.3 OS called CyanogenMod 7 (CM7) available in a zip file format. This can be downloaded from here http://forum.cyanogenmod.com/topic/20138-cyanogenmod-7-for-barnes-noble-nook-color-v702-25-april-2011/ . While you are there, it is also worthwhile to download Google Apps addon, which is also available in zip file format. After these 2 zip files are downloaded onto your computer, copy them onto the microSD card and it is time to work on the NookColor.
Insert the microSD card into the NookColor and press the power button to boot up the device from the microSD card. First, you need to wipe out the cache partition followed by Dalvik cache partition. Next, you want to go back the menu once by pressing the power button. Here, the NookColor would freeze-up. DON'T panic, just power down the NookColor and then power up the NookColor again. On the main menu, scroll down to select install zip from SD card and then select the CM7 zip file to install. After the CM7 installation is finished, select the Google Apps addon zip file to install.
Lastly, take out the microSD card from the NookColor and restart the tablet and you should have Android OS 2.3 loaded on your NookColor.
Overclock The CPU
The installation of CyanogenMod 7 above already includes 950 MHz overclock from 800 MHz stock speed. If you want to take it further, you can download the Darlingrin's OC kernel from here:
http://forum.xda-developers.com/showthread.php?t=925451 . This particular kernel will max out the CPU @ 1100 MHz. When you download the OC kernel, make sure you choose the one correspond to your Android OS. Once the zip file is downloaded, you would then copy the zip file to the microSD card that you have akready prepared from the step above. Put the microSD card into the NookColor and power up. On the main menu, scroll down to install zip from SD card and then select the OC zip file. Once the installation is complete, take out the microSD card, reboot the NookColor and your are basically done.
In closing, I am pretty much finish with what I start out do with my LG Optimus One and B&N NookColor. Thank you for tuning-in to my blogs and all the encouragement I've received in the past few weeks. I think I will take a break for now until I can think of something interesting to write about.