Is it ok to overclock this rig below using the stock cooler and thermal paste from Beng012?

Processor: Intel Core i7 870@2.93Ghz(Stock clocked at 3.2 GHz and use a lot of power for some reasons)
Ram: Kingston Value Ram 2x2GB 1333Mhz
Motherboard: Gigabyte H55M-S2
SSD: Kingston SSDNow 120GB V300
HDD: WD Caviar Green 500GB, WD Caviar Blue 500GB (sent for RMA)
GC: Ciplak Gigabyte Nvidia GT 240 (to be upgraded to Palit GTX 470)
PSU: Ciplak 450W PSU comes with my ciplak Powerlogic futara 220 casing (to be upgraded to Cooler Master 650W PSU for my GC)
Cooler: Stock Cooler
Thermal Paste: Shin-Etsu MicroSi’s X23-7783D

Currently running at around 3.71Ghz and Vcore 1.280V max shown in HWMonitor

Dont overclock your machine if you running on weak PSU
It would burn the whole rig

getting 650W psu tomorrow, but still on stock cooler. Do you think I can overclock it?

Better get decent hardware for overlocking purpose lerr
Unless you dont mind your rig gone burn