Been water-cooling an AMD Phenom II X4 965 Black for six months now, up at 3780Mhz (210x18) (stock is 3400Mhz 200x17), well over the performance of a Phenom II X6 1055 six-core with temperatures only around 5c over ambient, so my experience of overclocking has been superb, been at it for years, always with AMD's, never a failure yet. The latest gen (Phenoms) have thermal management to reduce clock speeds if needed, but if you have to rely on that, you're doing something wrong in the first place! That video is a VERY old Socket 478(?) Athlon, not a good time for AMD.
I'm running a twin-loop system on my Phenom rig at the moment with Water on the graphics too (EVGA Nvidia 280 GTX HC). As well as a watercooled server (just CPU, off the shelf cooler), and a watercooled CPU/Graphics (Nvidia 8800 Ultra SC) Ubuntu Linux box, though that is an Intel Core 2 Duo E4700 at stock speeds.
Couldn't recommend liquid cooling highly enough as even if you only use your machine at stock speeds, you hugely reduce the amount of noise (and dust-bunnies) generated, feel free to PM me if you want to discuss the liquid way, I build mine into tower cases (cut my own slots, vents etc) , the early Antec cases are best as they are huge cases, very strong, with space for good quality radiators and fans.
H2O inside

Edit -> Quite ironically, the only processor I've ever toasted was an Intel E2180, got a bit keen with the ol' VCore ... Intel protective systems - fail. My bad.