Simply raising the FSB won't harm your CPU very much. At most, you'll maybe lose 1 - 2 years of lifespan..so in 8 years or so you might need a new one, but chances are you'll upgrade long before then.
Yeah, just because the computer seems to be running OK doesn't mean it's stable, run Prime95 for about 10 - 12 hours.
Also, download CPU-z from www.cpuid.com
and see what your memory is running at.
EDIT: "Haha, Are you serious? The only way you are litterally going to "fry" a chip is if you run like 2.0 volts through it for a week."
Um, he said "upping it by .5 - 1 volts"..upping it .5 would put him around 1.9, and upping it 1 whole volt would be like 2.4 - 2.5!
I think the most these chips are rated at is right under 2.0V, but it will still get damaged before that.