shovenose

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i have an intel p4 ht 2.8ghz. motherboard: asus p4c800e deluxe. I am using an intel cooler that i had laying around. using the asus aibooster utility, my cpu temperature, whether not oced or when oced to 3.08ghz is sort of in between the green and the yellow zone. I use arctic silver 5, but i probably put a lttle too much and i onyl let it set overnight...how high can i oc this cpu and keep system stability. will ocing it make a noticeable performance difference?
thanks in advance