Do it!
I have mine running at 4.5 ghz probably the easiest cpu I have ever had to overclock. All you have to do is add a little extra voltage and change the multiplier (ok it can be a bit more complicated but that is the general idea). Mine is at 1.3 volts, 4.5ghz and reaching about 50 deg in games.
With power supplies, pay attention to the amps on the rail not just the wattage. The newer graphics cards have pretty high requirements.