P35-DS3R Q6700 overclocking Question

I asked this at the end of another thread I had started but I think it is getting buried due to the thread title.

I have never overclocked a system, or watercooled one, but decided to watercool one just as a project for fun, well I'm impressed with the cooling, that I might as well overclock it as well.

I have been reading and doing some math based on these forums.
I guess Hardware Specs would be good at this point:
GA-P35-DS3R Motherboard
Q6700 Processor
Crucial Ballistix Ram - PC2-8500
8800 GTS 512MB BFG OC card.

What I was wondering is if I understand everything I have read corretly, Stock settings on the board are:
FSB: 266
CPU Clock Mulitplier: x10
Ram Multiplier: x4

If I wanted to do this right and 1:1 like everyone talks about, still unclear at to the real advantage, I should be looking at settings like this.
FSB: 533
CPU Multiplier: x6
Ram Multiplier: x2

That would set me up at 1:1 and give a little overclock to about 3.2 GHz. That's if I am doing the math right.

Then from there If I wanted to mess around more and still stay at 1:1 The only real adjustment I have is to take the CPU Multi from 6 to 7, Which would be taking it to 3.7, which I'm not even sure if that is too agressive or not.

Any opinions or suggestions, would be much appreciated.

And what is with the multiple Memory Multiplier settings on this board. It seems that there are sevel x4 entries, and I'm not exactly clear what they mean. Anyone help on this question?

14 or 15 views and no responses, anyone have any opinion or am I completely off my rocker?

Just jumping to 533 would be tough, I'd say work your way up in intervals with heavy stress testing.

Overall, most people get close to 4 ghz, so 3.7 should be within your reach.

Personally, I'd say leave the multi at 10 and see how high you can go. The C2D archetecture doesn't benefit much from the increased bandwidth. But if you want 500+ for bragging rights then go for it.

Not sure, but if you look at your cpu frequency settings you will find that the 533mhz is actualy 266mhz fsb. I have the P35c-ds4, and with the q6600, the fsb is 1066 devided by four so the actual fsb would be 266. I have my mem running at 2:3, so at my current fsb of 333mhz which is quad pumped to 1333mhz, and with the ram running 2:3, my mem is at 499mhz x2=998mhz effective.
I don't know the native fsb of your chip, but if the package says 1333mhz fsb, then it is 333 mhz(in bios) and if it says 1066fsb, then it is 266mhz in bios.
I hope this doesn't confuse you too much, and I hope I made sense.