Nashsafc :
...Then it goes into this blue screen that says memory dump, and says hardware has not been properly installed. Also my ram is Corsair DDR2 xms2 800mhz, but it is not overclockable. Does this mean anything. If i can't overclock my ram with the CPU does that limit how much i can overclock the CPU by?
Generally it won't limit most overclocks, so long as you keep it on Auto or lowest ratio for most ram modules. It rarely becomes an issue with HT.
Nashsafc :
So wait, there's actually hardly any improvement really from the 550 compared to the 545 in overclocking performance?
Unlocked multiplier on the 550 making it easier to choose a clock x multiplier at the speed you like, whereas the 545 is clock increases only. This doesn't necessarily mean the 550 is better than the 545 at the same speed. Both at 3.5GHz are likely to give you the same results, whatever combination of clock and mulitplier you use for the 550 (545 will be 233x15).
Nashsafc :
Could the memory dump error be something wrong with my memroy in relation to the overclock or the cpu overclock that i have clocked to?
Assuming your memory ratio is set as low as possible and is not operating beyond it's spec, then most likely your cpu overclock is not stable.
You've mentioned it was stable at 3.7GHz, or you thought it was, then BSOD. What applications have you run and for how long to determine system stability? It would be a good starting point to know this.
Lastly, "reasonably stable" is an oxymoron. Either it's stable, or it's not. Only testing will tell. Everyone has different ideas about how long and what with, just satisfy yourself that it is.