I'm no overclocker myself but I it is possible to overclock the CPU and ram separately this is desirable if the system goes unstable due to the ram being overclocked too much which can happen , some ram makes are better for OC'ing than others, me personally I'd stick in ram that's rated for a faster FSB since it will underclock... or I'd leave the FSB on default and change the multiplier...
memory intensive projects you would notice a hit depending on how intensive it was really, I suppose that would be any project that require large amounts of memory to be available to it at any one time.
48C for a quad core isn't that hot freak I got an old XP3200+ that gets warmer than that when running SoB / BOINC / D.net mind you standard cooling.