No nothing is wrong with your device, it is just that the OS has not been released for your platform. Rooting is one way to acquire the latest android version. If you are interested in the idea of rooting your phone there are some very important things that you must know.
1) Your warranty for you phone WILL be voided
2) You CAN 'un-root' your phone
Before attempting to root your phone you need to find a couple of things.
1) A rom that is compatible with your phone
2) A kernel that is compatible with your phone
3) A rooting software that is compatible with your software
I have a rooted Nexus S running andriod 4.4 overclocked to 1.5 GHZ (From 1 ghz). I have had no problems with it and I have been rooted for about 2 years now. When rooting don't jump straight to the highest available andriod version for your phone, even though it says compatible with your device, it can sometimes cause problems. Try to go for an andriod version that is a few steps down the ladder eg: 4.4 to 4.2 or lower. Run this for a few days to see how it goes if it all runs smoothly you can upgrade.
Now with overclocking, you need to know a couple of things.
1) Setting the clock too high can make your phone unstable
2) Overclocking your phone will cause it to heat up under heavy use or sometimes due to extended periods (1.5+ Hours)
When overclocking take intervals, lets say that the highest clock setting for your phone is 1.5 GHZ, you don't want to jump straight to that, you might try 1.25GHZ and run that for about a week just to see device stability. If all is good then you can max out. There are much more features associated with overclocking and rooting but I don't want to do all the work for you so have fun 😛.