I've never had a problem to date (touches all wood in sight) with any form of overclocking. It's all about research and stability. Find out what a suitable overclock for your setup, this goes for CPU, RAM and GPU settings and adjust carefully and slowly over a period of weeks.
I have a stable OC profile for my Q6600 that is at 3.4GHz which for a 2.4 stock Quad isn't bad. I've got it to boot at 4GHz but not for long. But I didn't just jump straight to 3.4, I started on 2.7GHz and moved my way up making sure it was stable all the way.
But better to be safe than sorry, as hotstuff said don't do it
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