Sharky1289 :
Gam3r01 :
If its done right, it wont harm the CPU at all, you should hit that easily.
Previously I had the 212 EVO and was at 4.1 GHz. (Went with water for the airflow and looks, this is a gaming PC but also my senior project so it needs to look nice)
Last question kind of off topic, but for my build (http://pcpartpicker.com/p/3Fhwj), I am kinda on budget, so I cut the wattage on the PSU short. The estimated is not even close to my PSU wattage, will this be ok. The only reason I ask this is because I see a lot of people completely blow there estimate wattage out of the water.
PSU:
A quick rule-of-thumb is to ensure the power supply has the proper 6/8-pin connectors for the Graphics Card. If that's sufficient you likely would be fine on the CPU side.
CPU overclocking:
While you won't necessarily "break" your CPU, it's a well known fact that overclocking reduces the lifespan of all computer chips. In some cases that means HALF the lifespan which could mean FOUR instead of EIGHT years.
It's difficult to predict an exact time frame though. This probably won't affect your decision to overclock but I thought you should be aware since a previous comment was a bit misleading.
I also suggest you do NOT overclock at all until the system has been both tested (DDR3 memory and CPU) and running without issues for at least a week. Then monitor temperatures and don't push things to the limit.
I would suggest trying 4GHz and if it's stable stick with it for at least a month before trying to push further if desired but it's a bad idea to get too close to the failure point. I recommend at least 200Mhz below the crash point.
DDR3 memory:
In general, don't overclock this at all. It can easily be overclocked when messing with CPU settings so you may have to set things back or your crashing may be the memory not the CPU. There's also rarely a benefit to overclocking System RAM as well.