Boot up problem? xp error message? (Updated)

These are the following hardwares that I have in the computer:

P4 1.7GHz (running @ 1.7GHz //no overclocking)
ASUS P4PE Motherboard (the one that supports RAID)
PC2700 DDR Ram 512MB
OS = win xp pro

Problem description:
I got the computer in January, everything was running great until now.  Out of no where when the computer starts it opens the BIOS automatically.  And the error message that BIOS gave me was some where along the lines that the computer was running at a improper CPU speed or and frequency.  One other thing the computer doesn't beep during startup so I didn't think that the problem was caused by my memory.

My poor attempt to fix this problem:
So trying to fix this problem I rechecked the BIOS
1. CPU Speed was @ 1.7 GHz (choices were 1700 or Manual)
2. CPU Frequency Multiple was @ 17X
3. CPU External Frequency @ 100MHz (but greyed out)
4. Everything else was on AUTO setting
5. VCORE voltage and that was @ 1.75V (that's what I always had it at)

Settings I changed:
1. Change the CPU speed to MANUAL
2. CPU external frequency to 116MHz (in order to achieve memory frequency choice of 232Hz and i think 309MHz)
3. Changed the memory frequency to 232MHz
4. Reboot

The computer started up but except now the CPU is running @ 1.975 GHz (but the computer starts) so I restarted again to check what temperature the CPU and the MB was at.  CPU was around mid 40 degrees Celsius and MB was about 10 degrees lower than that.  After that I rebooted the machine again.  Everything started like regularly but the black screen came on asking how I wanted to start the computer choices were: start windows normally, start windows with the last working condition settings, etc...so I picked last working condition settings.  Then XP started like normal I get another error message "The system has just recovered from a serious error" or something like that and I viewed the error report the "Error signature" are the following:

BCCode: 50
BCP1:FF86E86D
BCP2:00000000
BCP3: FF86E86D
BCP4: 00000000
OSVer: 5_1_2600
SP: 0_0
Product: 256_1

Bottom line:
What are the possible causes of the problems that I'm running into?  How do I stop the XP error message go away during startup?  Will I burnt the CPU if I was to keep the overclocked settings (reminder: it won't start running @ 1.7GHz)? Help!!!

*Thanks for the response everyone but after a numerous reboots the ERROR message has NOT gone away...other then the error message box popping up the computer...the computer SHUTS OFF on its own sometimes...

Sincerely,
James
(poor college student)