We demonstrate that the stability of the current optical frequency comb generated by a Kerr-lens mode-locked femtosecond laser is limited by the microwave reference used for phase locking the comb spacing. Hence we implement precision frequency/phase control of the entire comb to the fundamental and second-harmonic frequencies of a stable cw laser without any external microwave reference. The stability of a cw iodine-stabilized laser is transferred to millions of comb lines (with an instability of 3 x 10(-13)) covering more than one octave of the optical frequency spectrum. In addition, the mode spacing of the comb can be used as a stable microwave frequency derived directly from a stable optical oscillator.