How much can I OC my T-bird 1,2Ghz AXIA and still run stable?

Any tips while waiting for my CPU?

How much can I OC a T-bird 1,2Ghz AXIA and still run stable?
No water...though..

Well that depends on a lot of other factors. What motherboard do you have. What are you using for cooling? If it is just the stock heatsink you will want to replace that. Your ram pci devices, and graphics card will limit how much you raise the fsb. If you don't mind spending a little bit on cooling ($27 on hsf + artic silver, and $16 on a couple good case fans if you don't have any) and you don't have problems with other components 1.4 - 1.5 ghz would seem reasonable.

My tips...

1. Get better cooling. Here are a couple good sites.
www.coolerguys.com - larger selection
www.coolerchips.com - cheap

Stay away from the orbs! I know they are listed for coolers under socket a but they really suck for TBirds.

2. Do a lot of reading. This website has a lot of great beginner articles on the home page.

I got the Addtronics 6896A case with:
Taisol CGK760092 with Delta 60mm ~4800 RPM
copper base heatsink with artic silver 2 paste.
3 Titan 80mm fans (two in the front of the case). One TT cardcooler (two fans). And one 120mm to the power supply...

1,2Ghz T-bird 266Mhz AXIA
MSI K7T266 Pro DDR
256Mb DDR 266Mhz
Soundblaster Live!
Geforce2 GTS PRO 64Mb DDR
IBM Deskstar 60GXP 40Gb UDMA100 2Mb 7200rpm.

What do you think of my config?
Is it OC friendly?

I don't know what you have for bios options on your motherboard but everything else sounds real good for an overclocking setup. I just checked out the CPU database on the main page to see what other people are getting out of you chip. With your setup I could see you getting 1.5ghz after some burn in time. If your waiting on the cpu now would be a good time to lap your heatsink.