Ok Aero, this is what you are gonna do, and you're gonna do it because I DID IT. Prior to last weekend, I had never in my life built a computer, never OC'd one, and only for the past 6-7 months have I been in the computer realm. I guess I caught on fast. This aside, here are a few pointers.
1) Don't be scared, or you'll never be able to push the envelope in your life, and you'll always be wondering what if.
2) You're an engineer. This is your realm. I don't care if your aeronautical or hydraulics, you're an engineer, you should be excited to OC something, and push your mind to understand a process of engineering.
3) I'm GONNA major in engineering, but I'm still lollygagging in Community College. So I suspect you are more than capable of doing this, cause you're at some crazy college doing aeronautical enginneering. Hells yea.
4) Study your butt off on mobo's, bios's, the way the whole system works(CPU multipliers, HTT multipiers, Memory dividers, HTT stability, blah blah blah). Just learn how it works, it's easy, trust me.
5) Do all of this just so you can call your pussy teacher a god damned noob for trying to hold you back. New generation will always pwn the old generation, so now is your chance to remind him of this.
6) Make sure you are aware of power usage of all your components. This will save anything blowing out, lol. OCing a CPU will not destroy it, unless you overvolt it, or push it way past sensible speeds. Since you are a little SCARED, I doubt you would be the one to push a CPU to far.
7) I hope this encourages you to OC an opteron. It is the best processor to learn on, cause of its incredible ease. Also, check out the single core opty's(144-146), they too have incredible capablities, and are far more cheaper than most processors.
IMHO, the 146 is the most bang for your buck when OC'd, with the 165-170 closely tailing it.
You better do this, don't settle for less.