The Irish are going for their first Grand Slam since 1948, and only their second of all time, with an away match against the hapless Welsh and a home clash with the injury-hit English side to come. Wales, for their part, are odds-on favourites to win the wooden spoon for the first time since 1995.
"Wales have nothing to lose and a wounded animal is a dangerous one," said O'Driscoll, considered by many pundits as the world's best rugby player.
"It's sometimes amazing what the fear factor can induce in a positive context.
"I remember some of the lads talking about the final training session before the Paris match in 1998 when they couldn't put two passes together. The talk then was of Ireland being beaten by 60+ points that day.
"They came out and nearly beat France. We'll treat Wales with the respect they deserve."
O'Driscoll has enjoyed stunning success since taking over the captaincy from injured hooker Keith Wood, notching up wins over Australia and France during a national-record run of nine consecutive victories.
"It's great to win, but important to enjoy the moment before we knuckle down to the prospect of taking on Wales in the Millennium Stadium. That's a game we are not taking lightly in the slightest.
"As they have not won any games so far they will also be out to salvage some pride. That could be extremely dangerous for us.
"The bottom line is that I have not yet lost any games as captain, and I do not intend to lose any just yet."
O'Driscoll said last weekend's 15-12 slog against the French in Dublin had been hard work.
"It was a very physical game. We always knew it was going to be very tough and that is exactly how it turned out.
"The conditions were dire. The soft ground and swirling wind made life very difficult and it may not have been a pretty sight. It was virtually impossible to play any sort of an expansive game out there.
"The conditions brought the game into really close quarters, and when you do that it always turns up the intensity of the impact."
While pleased with the win, O'Driscoll feels fans are getting a bit carried away.
"We are still a good bit away from where we want to be, but these things take a lot of time and you have to be patient.