How to overclock RAM and CPU separately ?

My CPU is running at 3.2GHz, and according to CPU-Z, my FSB is at 1504 MHz (376 x 8.5) which seems logical as you have to increase the FSB to overclock on these puppies. Now the Memory used to run is at 533MHz, and I don't remember what the FSBRAM setting was, but it is now using 451.2MHz at 5:6 for FSBRAM.

Does that mean my RAM is actually running slow than before because my CPU is faster? Also, if I have memory intensive applications, then processor may be slower because the RAM is taking a speed hit?
How do I overclock RAM and CPU separately ?

I am not a overclocker myself but I think it is possible to overclock the CPU and ram separately.... this is done when a system goes unstable due to the ram being overclocked too much which can happen , some ram makes are better for OC'ing than others, I personally stick in ram that is rated for a faster FSB since it will underclock... or I had to leave the FSB on default and change the multiplier...
memory intensive projects you would notice a hit depending on how intensive it was really, I suppose that would be any project that require large amounts of memory to be available to it at any one time.
48C for a quad core isn't that hot freak I got an old XP3200+ that gets warmer than that when running SoB / BOINC / D.net mind you standard cooling.

Generally, the RAM should run at the same frequency as the CPU.
For instance, if your processor runs at 100MHz (400MHz FSB), the RAM should be clocked at 100MHz (DDR200).
In your case, it is the 133MHz (533MHz FSB) version, the RAM should be clocked at 133MHz (DDR266).

RAM can be separate from the CPUs BUS speed. Generally you can select the RAM speed in the BIOS for SDRAM, DDR 2 3. ie. 200, 266, 333, or 400 for DDR.

However, some bios's dont allow it and most of the time, if say, you buy DDR333 RAM, than the maximum you can run will be about 333 Mhz. Sometimes you can clock them higher, but not very often.

However, a CPU:DRAM ratio of 1:1 is generally recommended.