Meh, I'm in the college situation too. Sophomore. To be honest, I feel no need to overclock. I bought pretty high-end components, and even at a high resolution (1680 x 1050 FTW!!11) I can run any game/demo out at a steady smooth framerate with high detail levels.
FEAR and Prey put some very minor hurt on my system (FEAR at native with mostly medium settings, Prey at native with AA/AF off, sharpen specular off), but I can play BF2, Guild Wars, HL2, and when I install it at a constant 60 or higher FPS at maximum detail. My X-Fi lets me juice up the audio, but I think I need a better speaker system to take advantage of the EAX effects.
Once you see how fast everything runs with a new machine, I don't think you'll need or want to overclock - if you do, only for short periods of time. The only thing I've dabbled in overclocking with is the video card using coolbits - even then, not by much and then I don't keep the OC'ed settings after restart. Video card idles around 50C, after some BF2 gets up to about 61C.
If you really want to, make sure you cool everything well.