Yes it's safe, but I'd recommend a P4 1.8GHz w/512K of cache which you could easily up the FSB to 133 leaving you with a 2.4GHz system with 533FSB usuing only retail heatsink and fan. You can get this in a retail package (comes with approved fan and heatsink) for $164 from newegg.com.
This way you have a <b>much</b> better processor that has shown to easily overclock w/o any issue.
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