If it errors, your overclocks are too high, or not enough voltage is given. Your system can't run stable at the settings you've given it. It could be the CPU, Memory, AGP/PCI cards (If there are low dividers), or even the Mobo might not be able to accept the FSB speeds.
If its a p4, then 1.7 is about too high. For Athlons, its okay to go to about 1.9v, I would hestitate to go any higher unless you have good cooling.