I'm an Intel person as well, so I'm not really up on AMD, but I don't think someone should go full out water cooling or peltier for their first overclock
If I may, I recommend you take this question over to the overclockers.com forums. They are very newb friendly, and it is a great place to learn about overclocking. Just start reading the forums and you should start picking things up pretty quickly.
Here is a direct link:
http://www.ocforums.com/vb/vb/