I totally overclock - hense the website: ClubOverclocker.com
I DO believe in water cooling - becuase I spend time and put great care into building a quality system and product. No leaks! I've been water cooling for YEARS and have even installed coolers into friends machines who want a quieter and cooler PC.
Overclocking is a HUGE hobby and with the current spread of motherboards available on the market today - its easier than ever. It's not just a dark art followed by a secret society anymore. Aside from the "PC IN A BOX" Vendors like Dell, most of the aftermarket motherboards you can buy these days allow overclocking. And with a little time in Google and a few select forums, a little bit of reading and the right Overclocking Coach can have you reaping higher clock speeds, better performance, and best of all - you pay next to NOTHING. Ok, so you may have to spend a few extra dollars on a new CPU cooler - becuase stock coolers are not efficient enough to bleed off the heat from overclocking.
Extra heat, becuase you are going faster! Once you read, you'll understand, Overclocking does not kill a processor. HEAT kills a processor. It's going to get hotter, becuase its going faster. If you manage that extra thermal energy properly, it won't harm your CPU. My experience with AMD is limited, but most "mainstream" model Intel CPUs will give you overclocks that exceed the stock clock speed of the next higher model. That means, you're saving a LOT of money.
Consider this $350 i7-920 CPU that is runing in excess of the clock stock speeds of the 965 which is priced at $1,000