I know this has been posted by many people already on different web sites and forums. Still I am posting the Arduino (Atmega168) fuse bit settings, as it appears in AVR Stuido 4 programming  interface:

Fuse bits:

Lock bits:



Please remember the programming sequence:

Step one: Flash the appropriate boot loader

Step two: Set the fuse bits

Step three: Set the lock bits


I hope this helps. I myself looked for this information earlier and it was not easy to find them all together.