I OCed my i7-920 to 4.0 GHz, and then later put it back to the former OC of 3.82 GHz for better CPU life reasons (some may disagree with this concept). Heat is an enemy of electronics.
The RAM multiplier should be set to its LOWEST number at the start of OC in the BIOS. Later, after obtaining the desired OC, you may raise the RAM multiplier or leave it where it is. It is perfectly ok to slightly underclock the RAM.