Ok one by one dude
1) Parameters to be considered while purchasing a gfx card:
Core/Memory speeds, no. of pixel pipelines, other hardware features Brand, Warranty, freebies etc. not necessarily in that order.
2) No the bloke who told u Radeons are less compatible with games is an idiot. Radeons give better price/performance ratio than the Fx series. However certain games are optimised for the Fx cards, although that doesnt make much of a difference.
3) Overclocking once considered a L33T art is now practised by everybody. Its the art of taking ur proccy or gfx card speeds beyond their official speeds/ratings.
Overclocking brings out the best in a gfx cards performance, but not always. Heat production is obviously increased but if u have a good active cooling u need not worry. Life of the card is reduced but with good cooling it doesnt matter much. But then with the Gfx card upgrade cycles who cares abt life of the card

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Hope this helps !