Nowadays, I'd say there's very little danger outside of faulty components/power supply. There's enough fail safes built into your CPU/MB so that if an OC isn't stable, your PC will simply crash or fail to boot/POST. The downsides of OC'ing are that there's more troubleshooting involved if you're having problems, especially if you're not hitting your target OC expectations. Also, in the past, you'd have to spend more on quality components (RAM, Heat Sink, PSU) to overclock, however, nowadays you can achieve good overclocks without overspending on premium components.