I'm just learning to OC myself and 3770K is a good chip and from what I can tell, how far above the 4.5GHz range you get is more a matter of luck with your chip, they all have thier own voltage and heat characteristics ...
I watched quite a few videos for my MSI board - here is one for your board:
http://www.youtube.com/watch?v=wnH0luwrcfE
The cooling between air and water seems to go by what ever you prefer in the 4.5 ish range and the proper application of your cooler matters more than the choice of it. Many say most all in one (AIO) water coolers are just a bit better than air, and the water camp usually suggests building a custom loop for true performance. Your cooling set up seems much better than mine.
The best adivce I got was go slow ... I did not want to ...
I hit the overclock easy button on motherboard - you probably have something similar or in video maybe enter 42 as a multiplier to get started instead of jumping right to 47 (since you dont know how your chip handles voltage and heat yet)
Do download at least the CPU-Z and Real Temp apps before you start! (in link of estabya's post) You know how to reset your CMOS right?
I used the Intel Processor Diagnostic Tool to initially test stability (from what I understand, Intel uses it) ... and most say stay below 1.35 volts and 85C for 24/7 running ...
Its a bit addicting ... running the stability tests and such and seeing where you can go.
I used the basic approach of only changing the multiplier and core voltage (Vcore) to start ... untill they are not working anymore or you start getting past 4.5 GHz range ... then there are other settings that help, that you will read about and people here can help advise.
Everyone hits a wall on OC'ing thier chip ... I hit a few walls on where my OC stopped - the majority of them were from knowledge of how to OC correctly ...
Be careful and informed, but dont be too scared to get blue screens of death (BSOD) and reboot and recover your old bios settings - I have a CMOS button that works - learn how to do that on yours because you will hit a bad combination setting and have to reboot.
Very active boards here ... they will help you alot!
Its a long reply but wanted to share my enthusiam with you, as I too, was hesitant to start the OC process, for fear of burning up my first ever build!
