Just select "manual", turn off all those "EIST, C1E, Thermal throttling, etc" and bump your FSB
For a start, leave all your memory timings and additional BIOS settings to "Auto". You can fine tune those later on. M2F is a very stable and overclockable board.

Eoma, when you overclock your Q9550 to 3.4ghz, did you test for stability using Orthos/Prime? Which option did you select (SmallFFT or Blend) and how long did you run it? The E0 Q9550 should comfortable hit 4Ghz and I've easily did 3.6-3.7Ghz on my friend's machine.

Actually Prime or Orthos is the best tool to test (old school way) SmallFFT is good for testing CPU stability so if you can, try running 1.5-2 hours on it. Once you've passed that, start tweaking your RAM (timings, etc) and run Blend just to make sure your memory is working fine. With that, you cover both RAM and CPU.

Only focus on one thing before moving to the other so it's easier to tell which one is the culprit

Actually you need 1.3x V to get it at 500FSB on a P35 so I believe P45 would be around the same or lesser.

There's a product called water cooling which might help Maybe you can consider that?

Does anyone knows how I could boot up using USB drive? I can't seem to get it working despite all the settings I've tried.