If you have single stick 512MB then the issue will be that it cannot always clock that high - yields for 512MB are much lower and so overclocking less possible.
Generally a few sticks of 256 or 128MB PC2400 or 2700 is going to be needed. Try setting the memory timing to 2.5 rather than 2. Also increase the vio. I'm 99% certain you have a memory issue - however what temperature is the system at? 45 is getting to the limits for ocing much further on cpu. That said, I don't think the cpu is your issue, so it probably doesn't get less stable at 1.75V right?
Also, I think you'll need a bigger psu to seriously overclock. 300W is <b>minimum</b> to run a high performace system at stock - to seriously overclock a chip and memory like that you should look to good quality 400/450W units (Enermax preferably).
If you and your friend are teaming on this, the best way is to pool your resources to identify the culprit.
Oh yeah - you may have a PCI device (soundcard, modem, IDE controller etc.) that cannot handle overclocking the bus. Remove all PCI cards and try again before spending money!!!!
So basically - try the free steps first, then pool your resources and try and individually upgrade items until you identify. If the Mushkin is only rated PC2100 CL2.5, then it ain't gonna get much over what you have. Try a 128MB stick of PC2400 or PC2700 as a test. Get one decent powersupply between you and try that.
Basically if you work together you'll be able to identify
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