This question comes up a lot, along with "what is a safe voltage for x".
The short answer is that once you start to go out of the Intel guidelines, there is no "safe" voltage.
Anything over the recommended voltage and you potentially risk damaging the
CPU - as long as you know this and are happy to proceed, then all is good.
In reality, 65nm CPUs can often take a lot of punishment. 45nm CPUs tend to degrade quicker and there are other contributing factors that can and will damage or kill a
CPU, and among those are too high
VTT or
CPU PLL voltage. I've had a few CPUs now that just wouldn't overclock very well with any stability after plying them with added
VTT or
PLL
Excessive heat and inadequate cooling, coupled with your over volt may also degrade a
CPU over time, so keep it as cool as possible.
I would say that if you are just benching for benching's sake, then voltage isn't so much of an issue, but for 24/7 use, I would always recommend to keep the
VTT and
CPU PLL at stock, and the
CPU voltage under 1.4 (this is just my personal preference).
Another thing to keep in mind if you are chasing a 4Ghz overclock (or whatever) is how much of a difference in speed you will actually feel when using your PC when compared to say, 3.6Ghz - In all honesty, it isn't a massive amount for day to day tasks, but it may require extra voltage to get there, so you need to ask yourself if the extra heat and power usage is worth the small increase in speed.
There's more to this, but as the question gets asked almost daily, I will sticky this in the hope it will help.