Yes, its bad. Proper voltage for that chip is 1.35V to 1.45V, depending on the chip. IF yours is really running at 3V, I expect it to die at any moment. Seriously however, I believe CPUz is just reading the wrong Voltage. Try speedfan or look at your motherboards website for a monitoring tool. Run those and see what your CPU voltage is.
I think you are right...
I checked with PCWizard and it says that the CPU is 1.4 volts.
WHEW.
Although I cannot find in my BIOS any settings to change this...could it be the "HAMMER CONTROL" setting? It has voltages that look like CPU voltages...
I don't know, I don't even know what motherboard you have. (some system details are nice if you want help solving problems.) I've never heard of hammer control (unless having your brother hold the nails counts...) so I don't know if that helps or hurts. I suggest reading the manual so you know what all those options in your bios mean.
I am curious to know how much more I can OC this CPU...
All other settings (other than my 220 FSB) are stock, and my HSF is stock, with a temp of NO MORE than 45 degrees.
I don't know what issues you'll face trying to overclock. If Via still doesn't have a good PCI/PCIe lock, you could be in for some trouble. I'm also assuming your 3200+ has a Venice core. If it has a hammer core, you'll have problems running that many sticks of ram.
My advice is to take it slow. Try 5-10MHz increases in the base frequency, and see how far that takes you. Don't worry about relaxing timings or increasing voltages until you run into trouble. When I tried overclocking my old K8V-E Deluxe, I increased the base frequency from 200 to 225 without having to change anything. The ram still ran at 1T with a 1:1 ratio, no voltage increase for either CPU, memory, or NB. I'm sure I could have gone farther, but I had gone as far as I wanted. Just try it and see.
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