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For intel, anything below 60 c is good... You don't want an overclock giving you temperatures higher than that for extended periods of time, especially if you want your proc to last for any decent amount of time.
You can never have it too cool; too hot is when it crashes (or starts throttling the clock).
A couple years back, to prove a point, I ran Prime95 for an hour on my AthlonXP 1800+ with a diode temperature in the upper 90s. CPU is still running today, doing Distributed Folding.
Yeah, celcius. I put a clamp on the tube leading to the CPU block and tightened it down 'til I got a nice high temp. The water coming back to the reservoir burned my fingers.