I wouldn't push past 1.425V for 24/7 use even on liquid cooling, if it's a G0 stepping CPU you could reach around 3.6GHz, it really needs the cooling after 3.2GHz and sadly that's where my air cooler fails, CPU hits around 96 degrees C.
The link between FSB and DRAM is that, when you add MHz onto the FSB it's in turn added onto the DRAM, so if you increase the FSB by 100MHz, you'll increase the DRAM by 100MHz.
Since it's usually the RAM that limits overclock, you will likely have to change the FSB: DRAM ratio so the RAM 'starts off' at a lower speed to start with. It will also need more voltage (although they do have sweet spots) if you're going to push them past stock speeds.
Here's an example.
I want to clock my Q6600 to 3.2GHz, but that means increasing my FSB from 266MHz to ~360MHz. This will push my RAM from 533MHz (remember RAM is twice the clock of FSB) upto 730MHz (1460MT/s) which is unsuitable for any 1066MT/s RAM.
Thus I will have to drop the DRAM clock from it's starting clock of 266MHz to say 200MHz which will bring the RAM down to 598MHz (1196MT/s) which is in suitable overclocking range for 1066MT/s memory providing you add a little extra voltage to it.
It's also worthwhile noting that since you're increasing the FSB speed past stock, you'll also have to increase the voltage on that too, usually around 1.4 - 1.6V for everyday use.
What you'll need to do before starting, is:
1. Find out the maximum voltage the CPU, NB and RAM can handle, there's some info in this thread already.
2. Find out what these values are at the moment and make a note of them and then increase them gradually.
That's basically all there is to it, leaving out PLL voltage, SB voltage, GTL, LL, CLK Skew and what not, but they're not too important in most cases.