I have sli s480's. I just used MSI Afterburner and slowly kept increasing the clocks with the fans set at 100%. Can't OC at all with the stock fan speed (44%).
Force the fan speed to 100% permanently (it's noisy, but that's the sacrifice you have to make with a 480) and then clock it as far as you can go before you reach about 95C in games. Don't use stress programs like kombustor and furmark as the GTX480 is limited, so they can actually sometimes be less stressful than a normal game environment.
I got my gtx 480 to 820/1640/1945 on stock voltage. Granted the temps have gone up to 95 degrees with 100% fan speed, but I was getting close to those temps on stock speeds.
The card runs really hot with the stock fan profile so it has a bad reputation. A quick fan profile tweak and you could easily shave 20 degrees, or even slightly more, off the max temperature which should give you the headroom for a nice overclock.
480's run hot - especially when pushed hard. Overclocked, they simply scream for water cooling and once properly cooled can do quite a bit more. I'm running a pair in SLI and they idle at 34C and go up to around 59C under insane loading with Furmark. Both are running overvolted and overclocked (910 core/1820 shader/2200 mem), which wouldn't be all that practical nor reliable without the heavy cooling on them to keep temps in check. (Running both with quad and tri radiators with a ton of fans in my setup.) I've avoided having to upgrade to 580's in that what I have will easily keep up with and in many cases even handily outperform a pair of 580's. I wouldn't recommend more than a slight to moderate overclock on air with a 480 - even with the fans at 100%. If you load them for prolonged periods (folding/benching/gaming), you'll eventually run into some serious problems... if you really want to overclock a 480, I'd seriously consider slapping a water cooling setup on it.
Have had zero problems. Before I had them OC'd a bit with the fans @84% and they constantly crashed. Had a few crashes with the OC settings from my above post.
I would like to water cool but I have zero experience and ordering+researching all the required parts is a huge hassle. I was thinking of getting 2x arctic accerlero extreme plus fans with the VR004 kit (150$), but would like to add a 3rd card due to the taxing requirements for 3D gaming. Currently playing Lost Planet 2 and the frame rate can go in the low 20's.
A few weeks back New Egg had the MIS Lighting 480 on sale for 300$, wish I had picked one up!
I recently got the Zalman heatsink ($60) for my GTX 480 and absolutely love it. I now run at 900MHz core and 2200MHz memory and have yet to see above 75c even in furmark.
This is all while the sound is quieter than the stock 480 fan at 50%.