What are the dangers of overclocking and good temps to have

In general, high temps are the biggest concern when doing an OC, or just building a system w/o OC, but there are other concerns to be aware of. When you do an OC, you're basically giving the mobo's BIOS the middle finger and saying "F*** You! I know what's best for my system" by altering the default values.

Don't be alarmed though, manually configuring the BIOS is what an OC is all about, but because you're specifying the values to run the hardware at, these values will remain constant. For example, voltage. With the increase in voltage, naturally the hardware's temps will increase, but for hardware like RAM, the temperature isn't monitored and thus is unknown.

Increasing voltages is required for hard core OCs to regain stability. That said, increasing the RAM voltage too high can cause it to heat up too much. But you won't know this until it is too late and the RAM is no good. This is why you should understand the physical limitations of your parts before starting your OC.

If you are considering doing an OC, I recommend you find out what kind of PSU you have, or get a known brand with reliable quality and is at least 80+ bronze certified. You may even want to consider using Newegg's PSU calculator tool. Same goes for your RAM. Using low-quality (value) RAM can be detrimental to the computer simply because it isn't capable of being pushed to the limits that the OC requires. Also, even though you have an aftermarket cooler, your description of it suggests it's like-quality of a stock heatsink unit - not good for doing an OC.