Yeah. It'll be able to run at a slower speed fine. You're still actually overclocking the memory controller but it appears unofficially Intel are rating it for operation at those speeds anyway. They've already unlocked the QPI bus multipler due to pressure from motherboard makers.

I'd check the PSU as others have mentioned.

Are there are any BIOS updates for your board? What voltage is it set to in the BIOS for your RAM?