You really cannot fry a chip unless you go all out, or get addicted. I say, set a goal of 1.33 Ghz and try to get to that. Once you get that, and I'm sure you will, STOP! all you have to do is set the FSB in your bios setup a little higher. Go ONE STEP AT A TIME. If there are stability problems at any point, simply increase the Vcore by the least amount possible, usually .05V. also, when you are in bios, there is a hardware monitor, check and see your temperatures. If they are getting close to 50C I would stop right there. With proper cooling and an overall great system, Mr.White (If you visit OC forum at all you know him) runs his T-bird at a whopping 1.62Ghz. He is still the champion of the OC'ers. Anyways, anyone with a decent PSU, mobo and an AXIA t-bird with a good cooler will get to 1.4Ghz at the very least.

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asus p3b-f
p3 700@868, soon to be 900 (I can't do it, Captain. She wont hold!)
creative geforce 256 120@130 core 166@175 memory
soundblaster live platinum
256 mb pc-133 ram cas2 but otherwise crap
28.5GB barracuda ATA
creative CDRW 4x4x32
POS box, but it works
SE Overclockers SETI@Home Team