hmm Get a big fan and point it at your components and push the voltage up abit more, if you can achive no speed increase then it's not worth watercooling. If there is then go for it.
If increasing the volatge dosen't help the following may:
1. using a pci graphics card (most agp/pci/pci-E locks don't work too well so your cards may be getting an overclocked bus and pci cards are more tolerent of this. Of course you won't be able to game with a pci card but this is to reach a stable 4ghz

)
2. Relaxing memory timings/ running a divider (you seem resonably experianced so I guess you know what this is about)
3. Unplugging anything that you don't need and disabling stuff like onboard sound network etc in the bios.
4. If your using a PATA hd or a SATA hd try using the other type of hd and disabling the controller you used to use.
6. Check your voltages with a multimeter from your PSU as the P4's are power hungery to begin with, nevermind when there overclocked (they lose power efficincy very quickly when overclocked)
7. Check the temp of all the IC's that you can see. If any are hot put a heatsink on it.
8. Use a program like VNC to run your pc headless and see if it's any mroe stable. (IE. set overclocked bios settings, power off unplug graphics card and reboot) (you will need a network and another pc to do this).
9. go to one stick of ram and disable duel channel, even if the memory isn't holding you back this helps sometimes to get that last mhz.
some pretty drastic mesures there but it's what you have to be prepared to do if you rearly want to hit that magic clock speed.
Good luck ;D