No, you won't fry other components. Make sure you go along with some tutorial. GPU overclocking in windows is simple, and the worst thing that will happen to you is that video driver will fail and you'll lose picture for couple seconds.
Take a look at this. http://forum.digitalpowered.net/lofiversion/index.php?t34353.html
Overclock it a bit and then go with furmark or something else to test it. Then you can go some more until becomes unstable. At that point just lower clocks a bit and that's it.
P.S. It will be easier to clock your new GPU cause there are guys who allready did it and tested it with certain clocks.