My specs are (For reference): Intel-4440 @3.1-3.3(turbo)
HyperX Kingston CL9 1600mhz 1.5-1.65v 2x4gb
Corsair 430W CXM Modular PSU
I was told that running memory @ 1.65v can reduce the life of my specific model of CPU, I found out that XMP was enabled even though my processor doesn't support this and my BIOS stated the current DRAM voltage was 1.65v, I then disabled the XMP and it showed 1.500V and 1.512v on another page of my BIOS. I checked CPU-Z and HWinfo memory information, they displayed 1.5V apart from one ext. which showed 1.65v (XMP) but this is disabled in my BIOS. My question is basically does this mean my memory is still running @ 1.65v or is this just what it is able to go up to with XMP enabled?
Those are just the specs of the memory. If your memory is rated at 1.65V, it is OK to run them at that voltage. You will get better timings (CL9 as opposed to CL11) at that voltage which translates into slightly faster speeds.
Like I mentioned above you have slower timings with 1.5V. CL9 (faster) compared to CL11. Your system apparently does support XMP as it is working perfectly. New Intel boards have a default voltage of 1.5V and that is what you will get unless you enable XMP. Your board will handle more V than 1.5V with no problems. An i5 will too.