The following lists the settings you should change; leave everything else stock. This is for a 4.2 Ghz overclock.
Bios: Advanced Mode --> AI Tweaker
AI Overclock Tuner: XMP (assuming you need XMP for your 1600 Mhz RAM. Otherwise go with Manual)
BCLK/PEG Frequency: 100.0
ASUS Multicore Enhancement: Disabled
Turbo Ratio: Manual
Ratio Synchronizing Control: Enabled
1-Core Ratio Limit: 42
...
CPU Voltage: Offset Mode
Offset: +0.025V
Your computer should be able to boot under these settings. Run some stress tests - I recommend LinX - and monitor your temperatures, eg. CoreTemp. From what I understand, the mainstream preference is to keep peak temperatures under 80-85C while stressing with LinX.
If your computer crashes, you'll need to increase the offset voltage, use 0.005V increments. If your computer is stable (no crash) and you'd like to reduce your voltage, which reduces temperatures, decrease the offset voltage, again use 0.005V increments. Every time the voltage is changed, the system should be stress tested again. Just for reference, my 3770K is capable of 4.2 Ghz at -0.025V offset.
If somehow you manage to do something where your computer won't boot at all, you'll need to reset your BIOS settings. I called a CMOS reset and the procedure is detailed in the
manual on page 2-19. Setting the core speed way too high and/or setting the core voltage way too low will require such a CMOS reset.
I recommend you flip over to the Monitor tab in Advanced Mode of the BIOS and set up a fan curve for your heatsink and chassis fans.