Before i upgraded to my Antec TrueBlue 480W PSU, i used to experience random reboots a lot. As soon as i upgraded from the generic 350W PSU, not only did the reboot problems go away, but i was able to hit much higher stable o/c's at a LOWER VOLATAGES.
So if your PSU isnt powerful/stable enough, then you may well experience similar problems, as well as running the risk of your PSU catching fire if it is of a cheap build - its been known to happen when such PSUs are put under a heavier load than they can cope with.