I got that CPU up to 1.63GHz stable. But it really depends on the motherboard. On a newer versions of my motherboard (wich I fried some time ago) I could only hit 1.58GHz. Probably because at this older board my cheap memory isn't giving any trouble because it is heavily underclocked.
But you should first check the temps, post them here. Then start testing its stability by running CPU and graphics intesive tasks like games, 3DMark, Prime95 etc.
You should also take a look in Everest at what kind of memory your system uses. This is important to know when overclocking.
If temps are OK you can also overclock by increasing the CPU's multiplier instead of the FSB. This is safer as it won't force the memory to run at a faster speed. For this the CPU's multiplier requires to be "unlocked" though. You can try changing the multiplier in the BIOS. If it won't boot it is probably locked. You can unlock it, but I would first read some tutorials about "unlocking athlon XP".
Some motherboards also feature a memory/AGP divider. This way you could slow down the memory to be able to increase the FSB without damaging it.