Sadly, that's not how it works. You cannot just multiply the CPU frequency with the number of cores to determine an aggregate CPU speed, because each core is a separate physical unit. The i7 4700 MQ in the HP laptop features four phsysical core units each clocking at 2,4 GHz - they do do NOT add up.
And one more thing, the HP does use Turbo Boost up to 3,4 Ghz on a single core and a bit less if more cores are stressed. And you can bet that without this convenient feature, many games would lag, as 2,4 GHz is a bit slow for emulating all PS2 games at full speed. Especially more demanding games like Metal Gear Solid 2+3 or Ratchet and Clank desperately need the Turbo Boost to run fluently.
@OP: Yes, once the CPU reserves has been maxed out by an application, it will Boost automatically; you can even monitor your clock speed with programs like CPU-Z if you want to see for yourself.