Depends, CPUs generally last for 10 years, therefore you should have upgraded before it dies out. Increasing the voltages can make it last shorter because of the increased heat output, but a good cooler should take care of that.
A general rule of thumb is to keep your processor below 60 degrees.
I'm no expert, but i hope this helps.
Edit: btw, most CPUs nowadays are multiplier unlocked apart from a few (like an Engineering Sample, a black addition amd, or an extreme intel), so your only option is to overclock using the FSB. Also, increasing the multiplier only effects CPU performance, while increasing FSB makes all the things connected to the CPU run faster, like ram, etc.