The answer is definitely yes, but let me ask you this. When was the last time you heard of someone replacing their computer after ten years because their CPU died? How about fifteen years? Probably never. The truth is that the hardware will reach the end of its useful life before it will reach the end of its mechanical life, even when overclocking.
Now if you push things hard enough, yeah you could burn something up - but that is the risk you take when you overclock. Here is a general rule of thumb you should go by, if you can't afford to fix and/or replace it (or live without it), DO NOT MODIFY IT. This goes for much more than PC overclocking, I give people the same advice when asking about rooting/jailbreaking phones and modifying their cars.
That said, with proper cooling and sane voltages, it's very unlikely that your CPU will "die from overclocking" before you need to replace it due to obsolescence.