Source: The Register Japanese enthusiasts have been treated to a demo of an Intel Pentium Extreme Edition 965 chip running at over 5GHz, a frequency 35.8 per cent higher than the part was designed to be clocked to. The chip usually runs at just 3.73GHz. A peek inside the casing reveals Danish cooling specialist Asetek's VapoChill Extreme Edition II refrigeration system, using to pull the CPU temperature down to a mere 5°C. The 65nm, dual-core, HyperThreading-enabled 965 is fitted onto a standard Intel D975XBX motherboard. According to a report on Japanese-language site Akiba PC Watch, which covered the demo, the CPU's voltage needs to be dropped from 1.5V to 1.42V before it can be overclocked to the 5.066GHz
That's pretty cool but there was a dude who clocked his Sempron past 3.0GHz, another who got his Celeron to 4.8GHz, and one crazy dude who got his P4 to 7.2, or 7.4Ghz (forget which). Just google it and see what you get.
They dropped the voltage?! Interesting. There have been some crazy overclocks before, like the Opteron 144 - basically an FX-57 with a locked mutiplier and lower clock speeds, there have been many reports of people getting them from 1.8GHz to around 3GHz ON AIR!
It can significantly reduce a components life when you get it to really extreme speeds - but the life isn't really affected when it's just a small overclock like most overclockers do.