i recently received a GTX 550 2GB and i installed EVGA precision however whenever i try to boost it even slightly my games experience all kinds of problems and DX11 and the driver sometimes crash , is this due to the  fact i have a relatively low end card compared to other GPUs or can this be fixed ?

i am 16 and cannot afford more than about one part every few months and my MOBO is a very good one only it had 1 pcie slot so SLI is sadly not an option for me
 

A solid overclock can actually make quite a difference especially when it comes to a lot of newer games where the GTX 550 Ti might be right on the bubble of having unplayable frame rates with high settings. Your stock clocks should look like this....
 
900Mhz core/1800Mhz Shader/2004Mhz Memory
 
It's actually not uncommon to push these cards past 1000Mhz core with a little effort. I'm not sure how you're approaching overclocking your card but you should generally try to up the core clock by about 10-15Mhz and test for stability. You can play a game that puts a lot of stress on the card or run a benchmark like 3DMark Vantage/11 and if you dont see artifacts/it doesnt crash then it should be stable. Once you see those problems back the clock down by about 10Mhz.
 
You can go higher than that if you want to mess with voltages but I wouldnt recommend that unless you know what you're doing. That's where you can cause damage to your card. That and temperature, ideal temps would be under 80*C. The max temperature the card can reach before shutting down is 100*C.

Problem im getting with the card is once i boost it to 1000 on the gpu core clock the driver stops so of course it resets i dont see how anyone can oc this card enough to make it worth the time or effort to oc it unless im just missing something as i am new to overclocking a video card

Well i have the 550Ti FPB 1 gig model and i took it from 950 Core clock to 1022 easy and its stable with Crysis benchmark.  I hear nvidia say this card is ment to hit 1000 Core clock out of the box, the only thing i can think of is that the 2 gig model is somehow different but i don't see why it would be.
 
Anyways with this card i find it best to just up core clocks, don't bother with memory clocks, and that probably is even better to leave alone with a 2 gig model.