no , well electricity is a property of certain subatomic particles (e.g. electrons / protons) which couples to electromagnetic fields and causes attractive and repulsive forces between them
soo electrons moving through a transistor will eventually cause wear and tear on the cpu overtime
overclocking will speed the process of transistor "leakedge" where the transistor itself will not close properly, or it will have some miss calculation in the process of data or 1's and 0's it has to compute
but it depends how well/bad the environment around it is ...
-heat
-high voltage
-quality of transistor manufacturing
Still, it's called electromigration...not atomicmigration.
@drummerdude:
the CPU isn't the only part affected by overclocking. Your RAM is usually
overclocked, more heat is generated on motherboard which "can" be hard
on the MOSFETs and caps. Also on older setups, the PCI and AGP buses
weren't locked, so as the FSB went up, so did those buses. This had a
tendancy to "overclock" your HD, Graphics card, NIC card, Sound card,
and anything else using said buses. Hard drive corruption, and ultimately
failure wasn't uncommon.