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I’m running P45 chipset and an EP45-DS3L mb, heard that P35 isn’t that stable at high speeds as 45 is but nonetheless u have to be aware that some CPU-s just can’t reach 4.5GHz. You should be happy with 4GHz!!! You should definitely buy some cooling solutions for your case as w2richwood mentioned. It’s a good investment (or buy some good wine, good stakes and have a garden party).
Before I start to tell you what I would do different in OC-ing yr configuration make sure you have the latest BIOS update, maybe that’s the (easy fixable) problem. Some BIOS-s are more stable then the other (especially if they are new, and if u r running Vista).
My suggestion is that your Vcore is a maybe a tad higher than I would go with that CPU (if you use it in everyday computer and u want it to live forever). My e8400 reaches 4 GHz with only 1.27500. Also what is your CPU stepping? In Everest CPUID you should be able to see your stepping. You should up your CPU termination to 1.34V cause of your high FSB. CPU PLL should be manually set to stock and CPU reference left on auto. MCH Core should be up also, with 4GB of high speed RAM I would go up to 1.4V, but you should likely hit the jackpot at 1.3V. Use some more voltage for yr RAM than recommended by manufacturers’ website. OCZ can take it (we all hope). And make sure you don’t push the RAM too much, it can ruin a perfectly good overclock. Use yr RAM stock speed, if u can, and set RAM to auto timings in BIOS (at first, later on you can set them manual to value you prefer). If you have to OC your RAM, try to OC it as little as possible. There is one option in BIOS that lets you choose RAM settings out of the box, DRAM performance enhance, choose Standard when you’re overclocking. Never leave any of the options on auto if you don’t have to, Gigabyte loves to overvolt (except CPU and MCH reference, like I said, leave those on auto, those r just a matter of simple mathematics, not even Gigabyte can mess those up)!