Well when it comes to overclocking it really depends on how stable your system is at default settings. There is no, one size fits all approach. I don't water cool either but I do have some decent overclocks on my cpu. I don't typically OC my memory ever, other that the XMP profile, which is kind of an official supported overclock. I tend to like to not increase voltage to OC. I push the speeds as far as I can while staying stable. I also keep a cpu a long time and have been known to go ahead and up the voltage and speed even more in the final couple years of use. Just know that all OC'ing will reduce the overall life of a CPU but done lightly will probably not cause an issue during it's lifetime with you. Not knowing all your specifics, a 500 watt PS is a pretty low power PS in this day. If it is of high quality, say gold+ and meets your needs may be fine. For instance though if it is say a minimum, then you OC components, it may quickly become the non-stable part of your equation.
Can someone explain exactly what the difference is between the two? How exactly do they work?
