yes OC is possible and great even if it lessens the phone's life. 2years? good enough for me, i dont plan on keeping this phone more than that anyway..

profile:ideal
min: 500 MHz
max:1000 MHz

24/7 setting. gets a bit warm at maximum load, but stable. very fast even with 8 apps running.

no music stutter when entering phone mode. web page rendering faster. transitions faster. loading apps faster. faster!!!!! weeeee!!!

I dont have to wait for my contacts to load when there is an emergency.