The 3970X is a very nice chip! It is designed for OC'ing... if you spent so much on it, you better learn how to OC it (at least I would)...
OC'ing is a process, a game in itself and it's addictive too... it takes a lot of time, but then it has it's rewards... - I would not use the BIOS presets (and definitely not the AiSuite ones either)... Use manual settings instead...
First read and understand the guides in the Rampage mobo section of this Forum - ask if something is not clear enough...
And yes, the 3970X is expensive... and it can run hot when pushing hard - ultimately your OC limits will be determined by your temps... don't forget that your ambient temp will impact the efficiency of your cooler... if your idle temps (pay attention to the core temps), when you turn on your system, but not running any applications yet, are in the low or mid 20'ies, then you're in good shape, you have room for OC'ing! If your idle temps reaches high 30'ies or even past 40C, then just stop - you need better cooling...
For 24/7 settings, pay attention to the power saving features in BIOS and OS - that way you can keep the temps even lower...