Agree flexability is over looked and i really regret loosing mine, (mostly due to a back problem ) I used to be very flexible for a guy, as i was traing 4 days a week in martial arts, and stretching every day.
One thing I will say is that if you are going to increase your range of motion you need to increase your strength at those angles, or yes you will hurt something..
Being flexible increases your muscle length which means it bunches up more when tightens, looks bigger!, but also by stressing the attachment points of the muscles and tendons it acts similar to lifting weights,, it forces these attachments to become stronger.
Stretching is a great way to get blood pumping through the muscles, and if you have a good stretch, (30 mins) you will feel heaps more limber.
To stretch, treat it as an execise, do it 3 times, hold for 15 seconds to maintain a stretch, hold for 30 seconds to increae your flexiblity. I found do a quick warm up, bike, walk, starjumps, etc for a few minutes will help heaps. do one give teh muscle a break between stretches, ie do hammy, then quad, then adductor, then back to hammy etc, you get a little routine, going..
Have yoru stretch after your shower at night while watchin TV, really takes your mind off what you are doing, I used to practice my split while studying, Just remember to relax the muscles every 30 seconds so you maintaine blood flow.
Limber up!