I'm surprised no one replied to you for so long. Sorry about that. Usually folks in the forum are a bit quicker with responses =).
First off, you're probably right about your power supply, and I would actually recommend
NOT trying the things listed below until you get a better PSU. A 250 OEM is really low wattage for a P4 rig. I'd get at least a 430 Antec TruePower or a TTGI 520W and go from there. Remember that o/c'ing takes really stable rails, so without a good power supply, you're likely to run into problems that could potentially kill components in your system. I can't stress the need to have a good power supply to do any kind of overclocking. Note that I'm holding off on o/c'ing my rig to its fullest potential b/c my PSU is a piece of crap.
Okay, that said...
It sounds like you're using the ASUS "AI Overclock Tuner" (you mention a 30% o/c). This automatic o/c utility from Asus is utter poo poo. I would suggest setting things manually. You'll get a lot more out of your rig that way.
First, go into your BIOS and go to the Advanced tab. Next, choose USB Configuration and Disable Legacy USB Support. This will help with memory stability. Now go back out to the Advanced menu and choose JumperFree Configuration. From there, change the AI Overclock Tuner to Manual
This will list a lot more stuff, and allow you to set your FSB manually, along with your divider (DRAM Frequency) and adjust your voltages.
Before you do any overclocking, lock your AGP/PCI Freq at 66.66/33.33.
To change your memory timings (again, make sure you have a good PSU before you attempt this), go to the Advanced tab again, but this time go into the Chipset menu. From there, change "Configure DRAM by SPD" to Disabled. This will expand the list to show all of the individual memory timings. I would suggest using loose timings first, then tighten each one after some stability testing.
Memtest is probably the best memory stability tester out there.
http://www.memtest86.com
Good luck.
Goliath