Great setup btw, especially the motherboard.
Ok there are several things you need to understand prior to overclocking.
1. 3.4ghz = 3400mhz = 17 multiplier x 200FSB (internal processor frequency)
2. at stock speeds, most likely your RAM and FSB (RAM:CPU) run in synchronous mode or 1:1); so 200FSB=200mhz memory; but since your RAM is DDR => 200mhz x 2 = 400mhz
3. since P4 is quad-pumped that means that 200FSB x 4 = 800FSB, hence the name P4 "C" 800FSB
Just as a reference if you reach 235FSB you'll be running 940FSB. This is important, because the higher the FSB value is, the faster the P4 becomes (assuming a locked multiplier)
Now to overclocking.
1. Get the latest BIOS from Abit's website for your motherboard and flash it using FlashMenu
2. Enter the BIOS
3. Select AGP/PCI lock (Fixed)
4. Unless you have an Engineering Sample P4, it comes with a locked multiplier; as such the only other way to overclock is to adjust the FSB from 200 and up.
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This is where overclockers tend to have a different approach. 1) Some adjust the FSB by 10 or 5 and boot in into windows until the computer can no longer boot (starts beeping), or freezes and then they increase the CPU voltage and continue to follow similar steps until they can no longer go any higher. (remember if it cant boot, you could always reset the CMOS jumper => check motherboard manual for instructions)
2) Another type of an overclocker might increase the CPU voltage to the highest "safest" voltage (1.65 for P4 is the general consensus I believe) and just keeps increase the FSB all the way up until you can no longer go higher once again. Both ways work and it's just a matter of preference. I like the 1st way because at each voltage increase I get to find out at what speed I can run my CPU. For instance if my cpu could run at 3850 mhz but at 1.55 voltage and it required 1.65 to run 4000mhz, the extra increase in voltage might not be worth it for the small increase in speed, considering a shorter life span for the processor.
But before you go ahead to do that, remember that RAM:CPU ratio of 1:1 implies that for every 1mhz increase of FSB you must increase the ram by 1mhz (or 2mhz effective as it is DDR). So if you want to run your FSB at 250, your RAM will have to run at 250 as well (or 500mhz effective and will require PC4000 speeds)
Luckily for you on watercooling most P4 processors top out at around 4000mhz. Thus, you will most likely only need 17 x 235FSB or 470mhz memory speed to run 1:1. If your ram cannot handle this, simply implement ratios like 3:2 or 5:4.
This is how ratios work:
CPU:RAM = x : y
1) 3:2 => if running 200FSB at stock => 200 x 2 / 3 = 133.33 mhz (but remember ram is DDR so 266mhz effective)
2) 5:4 => say running 235FSB => 235 x 4 / 5 = 188 (376mhz effective => to figure out PC rating simply multiply by 8 ie. 376mhz x 8 = PC3008 ram is needed)
Since you did not list your RAM speed and specs I can't tell you what would be better for you to run lower latency or 1:1 ram with loser timings just yet (because i dont know how low the latency on your ram or its speed is)
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Basically now its up to you to increase the FSB and adjust the CPU:RAM ratio accordingly. If needed, increase the DDR voltage to 2.8V if ram needs more stability, and AGP voltage to 1.6 (sometimes this help, but most likely there is no need to do this).
Download Prime95 and run Torture test for 24hour to test for stability. Download
CPU-Z to see what your memory speed is or
WCPUID 3.3 and
Sisoftware Sandra 2004 should be useful for temperature readings, cpu cooling thermal resistence, etc. You can also use Abit's Hardware Monitor to monitor voltage and temperature fluctuations. Under load, your CPU voltage can sometimes be lower than when it is at idle.
Good luck.
PS. I can't stress this enough, but the quality of your PSU will have a significant effect on the outcome of your endeavours.