It certainly can be.
That's both correct and incorrect.
Correct, in the fact it's not easy to learn what all the settings involved are, and how they impact on other settings etc. Basically, doing it
'safely'.
Incorrect in the fact that it's actually
very easy to either download software and bump up a few values, or enter the BIOS and raise a few values (FSB, BCLK etc) with scant regard to other
vital settings.
For example, voltage settings are often left on AUTO and the majority of boards tend to overcompensate with excessive and dangerous voltages. (depending on how far the FSB, BCLK is pushed etc).
Using stock cooling and ignoring temperatures is another common error.
and mistakes are expensive.
^^See incorrect.
Done
properly (ie keeping within manufacturers 'max safe' VID and temp ranges) - Overclocking
is not the big bad hardware killing boogey man.
Obviously Overclocking has the
potential to shorten some components lifespans, depending on how far it's pushed, build quality etc - but reading, researching and double-checking goes a long way in potentially alleviating most 'expensive mistakes'.
As to whether or not you
need to is entirely an individual choice.
Right hardware + research/knowledge = is worth the performance gains.
Going in balls deep without researching first = Not worth it. Same applies for simple 'bragging rights'.
OP - Bing-oogle overclocking in general first to get an understanding of what is involved.
Then start to Bing-oogle
your components and then decide whether it's worth the 'risk' to you.