40C idle on air isn't that hot. Load temps are the important ones though.
Run prime95 first on blend to make sure all is stable at stock, and keep temperatures under 80C load.
Then, from the BIOS keep raising the base clock up to 5Mhz each time on the 19x multiplier, and test for stability at each one. I would start at 150Mhz with 1.3Vcore, 1.3QPI voltage and leave memory at roughly default speed, timings and voltage.
If it fails to be stable, raise the vcore up to 1.4V (should be enough for 4Ghz). Is this a D0 or C0 stepping? You can check in CPU-z, which is free to download.
I would use up to 1.4QPI volts.
If you need more help, try
www.ocforums.com, there are many with i7's there and can help alot more than me