Yes, as along as you keep the volts in a normal range, monitor your temps, and don't try for max OC first thing, you'll likely not hit many, if any, issues at all. And for killing components. There are a bunch of threads of people trying their hardest to kill CPU's. It's actually quite hard unless you pump massive volts through it, as it simply won't boot. People run without HSF at all, on high end chips, and all it will do is overheat and shutdown, thus protecting your CPU and other components.
OC'ing will seem like a daunting task the first time or two, as you'll be worried about everything and hearing FUD in the back of your mind that makes you nervous. But as long as you read the guides, learn the terms, and take your time (plus ask questions, we're here to help) it will be a painless process.
And with Phenom II's, again, its very beneficial to OC the NB as well to help with stability and get to a slightly higher OC possibly.
I have that board as well, it sure is a decent board for the price. It only has 4+2 phase VRM but they are solid quality VRM's and sinked. You won't want to be pushing an FX octo to 4.8+, but a Phenom II to 4ghz will be fine, as long as you monitor temps.
I also suggest you read this
as well. The second being a list of articles that might be of help.Edited by Fuell - 10/9/12 at 10:54am