The max multiplier on the E6850 is 9 so you need to get the FSB up to 411 for 3.7 GHz, 422 for 3.8 GHz, 433 for 3.9 GHz or 444 for 4 Ghz.
If you have tried to do that and its not stable, then you need to increase the NB voltage. (CPU voltage is high enough (maybe too high already))
Take the voltages off auto and input a voltage.
Have you tested how high you can go with the FSB? put the CPU at a multi of 6 and raise the FSB until you get instability. That way you know its the motherboard and not the CPU that is limiting the OC. Then raise the NB voltage and start upping the FSB again. Depending on the board you should be able to hit 450-500. Next, pick a stable FSB and raise the multi back up on the CPU.
Also, if you have the following settings on your board set them this way (not Auto)
Spread spectrum - disabled
Static read - disabled
CPU TM enable
Execute diable bit -enable
load line - enable
Also, I disable the two speedstep thermal throttling settings (C1E and EIST)
Voltages
CPU - no higher than where you have it at 1.5v. I would even back off to 1.45v but if your temps are 50 at load then you ar OK.
CPU PLL <1.5v
NB <1.4
How high you go depends on your aversion to risk and temperatures you see.
For reference, I have an IP35 abit board and was able to hit 4 GHz with an E6750 (8x500) with water cooling. Everyday OC was 3.8 (8x475). On air, I am using 8x400 = 3.2 but I think it could go to 8x450 = 3.6. I would suspect you could hit 4 GHz if you tweaked enough and were willing to accept 60 degrees as a load temp.