I'm surprised by how little some people here seem to know about overclocking. I've got about 6 years of experience myself, the first two being a total nub. I've never killed off any hardware by overclocking it, and without major volt mods, you're not gonna break anything (Assuming you get it stable) by overclocking it. I've got a GeForce 2MX that's been running 24/7 oc'd by a lot (Don't remember how much, but it doesn't have different speeds on 3D mode/2D mode) on a passive heatsink, topping off at very high temps (85+). It's been doing this since I first got it in 2003. If an 180nm card can do that 24/7 for five years, what isn't a modern 65nm card gonna do?
On the temp discussion, I'll add that it depends A LOT on what you're ocing. If you take a look at
this and
this, you'll notice how the Athlon XPs differ a lot more in TDP/speed than the C2Ds, that are, in fact, all the same. I'm not 100% sure if the Intel numbers are correct, but seeing temp benches of different C2Ds, I'd say it's pretty true.
Overclocking doesn't come with any risks if you play it safe and don't alter voltages. Going in small steps, keeping an eye on the temps and checking for errors caused by doing so, you're not gonna break something. The "Lifespan decrease" that people are talking about is, in laymans terms, inexistant, as it's a matter of about 20 years to 17 years, a timespan that will not matter, seeing how many times you've upgraded until then.