Hi Joe - Im like you - new to all this. Only been doing it 2 days but seem to be successful! Have you read the stickies in this forum?
First thing you need is some monitoring software so you can see whats going on with your PC. CPU-Z for the Clock speed a few other things and Speedfan to keep an eye on your temps. Then Prime95 to run a stress test to see if its stable.
Once you've done that start increasing the CPU FSB from the Bios. Do it 1 increment at a time. Don't be tempted to rush it. When I say I'm 2 days into my overclock I mean I have spent 2 days (yep all day) tweaking bit by bit.
I increased FSB until unstable, then upped the Vcore of the CPU from 1.35v to 1.45v which allowed me to push higher still FSB. RAM timings also had to be increased (where they stayed for stability).
All has to be done step by step, trial and error. When you think you're running stable, give it an overnight whack of Prime95. If its still running 8-9 hours later without errors then you're doing good. It'll prob fail within the first half hour if unstable (or 3 seconds it took mine yesterday lol)
As far as I understand, dont just go increasing your Vcore voltage willynilly. Increase FSB til its unstable then give it some more Vcore juice.
This is based on my own experience and each system is different.
edit: I take it your not on your stock cooler? My stock cooler ran at 57dg load when at normal clock speeds. After adding the Artic Freezer from OCUK, I'm running about the same with a 333Mhz overclock so without it, I think it would have fried!