ahh. the memories of my first overclocking experiences =)
one thing you have to keep in mind is, will ur PSU supply enough power to the MB and CPU, and also if you have alot of peripherals (HDDs, Sound Cards, CD-Drives, etc) you are bound to have a drop in power from a relatively weak PSU, like Champion said, look at the Volt Rails, and see how they are, if they drop even 1v under full load or even not in full load, you gotta worry.
as far as that goes, make sure have a sufficient HSF cooling the CPU, this includes the HS, fan type, and also the thermal interface used (i highly suggest AS3).
another thing, you more then likely have a Palamino Core and ur Multipliers are locked, look into getting them unlocked so you can try and broaden ur multiplier overclock range, and not just your FSB overclock range, (tho it is most prefered since you will get better perfomance)
if anything, hope this helps. but provide us with more info as to what else you are doing while OCing.