If you mean the Turbo Boost Technology, then yes it does. All "i" processors have this technology.
The 2.2 GHz i7 will "overclock" to a max of 3.33 GHz. the 2.3 GHz i7 to 3.46 GHz. The difference isn't actually noticeable.
Getting the 2.3 Ghz is actually a waste of money, put that money towards an SSD, you will be way happier. 🙂