Do not use XMP profiles if you're planning to overclock.
Set the timings manually in BIOS, read them up in CPU-Z if you have to (under SPD tab). Also remember about the voltages, set DRAM voltage to 1.65V if it's the rated voltage. Set memory to 5x/10x.
Start overclocking by setting 160 base clock and leave CPU multi on 20/auto. Turn on all power saving options such as C-states/C1E/EIST and make sure you have Turbo turned on. This way you'll get 21x multi on 3/4 cores and 24x on 1/2 cores (3.36GHz/3.8GHz respectively).
If the system is unstable, up the Vcore to 1.25V manually. Keep upping this voltage by small increments of 0.015V or so until you find your stable overclock.
Test overclock using prime95 blend/small FFTs for few hours (8hrs+ for final stability check), make sure to test both 1/2 cores load and 4 cores load due to different multipliers. IntelBurnTest for quick stability checks, use all memory available and at least 25 runs.