You can only fall overboard if you're on a boat. If you fall overboard, don't forget your life vest!
The adverb overboard most often comes up when someone falls in the water. When it's used literally, it very specifically refers to the movement of a person or an object from a boat into the ocean or other body of water. Figuratively, to go overboard means to take something too far — you're going overboard on your diet if you refuse to eat anything that isn't green.