Here's my o/c methodology. There's bound to be innumerable others, but this one works for me...
Get hold of a program which monitors you CPU temp (like Motherboard Monitor or Hardware Doctor) + a stress test program like Prime95 or Sandra. Then o/c the fsb in 5MHz increments, each time letting Prime or Sandra run for a while (I'm basically very impatient, so I give them just an hour or so) to see if it's stable. If it is, up the fsb 5MHz over and over until you either can't boot up or the stress test crashes the machine. In case of the former, reset your CMOS, re-do all the BIOS settings and lower the fsb to the former speed. In case of the latter, just reset the fsb to the former successful speed. The boot up and let prime/Sandra/whatever run for 24 - 48 hours to make sure the system really is stable. End of story.
Just remember that NOT ALL CPUs OVERCLOCK WELL, OR AT ALL!!! Just because you bought the most generally overclockable brand/series/stepping/etc of processors in the world, does NOT mean that yours will overclock at all, or more than a few %. There is NO way of knowing before you try!
Agrippa