It's only unsafe if you don't know what you're doing and push the voltages too high. Same goes for the RAM, the motherboard should have warnings for the RAM telling you if you push the voltage too high (eg, over 1.65V) then your RAM won't last as long.
I guess how high you push the overclock depends on how long you plan to keep your system, but like I said, with good watercooling, overclocking is easy, and i920 can be pushed a lot over stock, even 3.8ghz is easy on it.





