Hi All,
 I have a few questions regarding overclocking and would appreciate your thoughts.
 
First, here is some information regarding my system, currently being built.
QX9770 3.2 Ghz
Evga nForci 790i Ultra
Zalman CPU cooling fan
Corsair DDR3 1600Mhz
XFX 9800GX2 (2)
 
• I have heard read that overclocking your CPU greatly reduces its lifespan, is this true?
• That being said, can I overclock in a small amount and still be able to use the system on a daily basis?
• Should I leave it as is and overclock in about 2-3 years in order to get more power out of my system then?
• Is there a newbie, step by step guide to overclocking that I can read. This forum has some of the best information on the web but I need info pertaining to my build.
I am not looking to break any records. I bought this equipment in order to give me some breathing room and not feel obligated to upgrade in 2 years. I am primarily a gamer, am getting into video editing and Photoshop type activities.   My current system has lasted me 5.5 years and I have been saving for 2 years to buy this.
 
I know that DDR2 ram would have been a better investment but it has been bought, and so has the motherboard, so let’s move on.
 
Thank in advance!

Lifetime don't matter. It'll be obsolete long before it burns out. Don't worry. There are guides right here in this forum. Did you look?

Seeing as this system is going to last you a good long while i wouldn't recommend  a heavy overclock. As long as your cpu voltage is not much above 1.40v and your temps are around the 60C mark i'd say it'll last 5 years easily.

Only a hefty cpu voltage i.e 1.6 vcore or really high day to day temps 75C+ will decrease a CPU's lifespan to within a year or so. Others may have experienced different.

http://www.tomshardware.co.uk/foru [...] uals-guide is a good place to start in basic overclocking.

There's several factors that kills electrical components. 2 major ones are heat and high voltage. Just minimize these two factors and you should expect long life.
 
Ocing that cpu to 4GHz with under 65C load temps should last you at least 3 years, if not more. I disagree with closed deal about the voltage being over 1.4v, I'd say stay under 1.4v. The smaller manufacturing process, the worse electro-migration becomes.
 
Proof of this is at Intel's website. Nearly all the C2D 65nm upper limit VID is 1.5V. However, the upper limit for all the 45nm C2D is now only 1.3625VID, so you should really stay under 1.3625v. I think this is enough voltage to get 4GHz, so it's fine really.

Thanks Closed_Deal
 
I will read the link. I am hoping to find a quick answer that will be along the lones of "set it to 3.6Ghz and your good" but know that this will nto be that easy...

My current setup is only my second Intel and i can say for sure they are really easy to clock compared to AMD's X2 series. I doubt that you'll even need to change much other than a bit more vcore and FSB to get to 3.6ghz.
 
However, good luck with your clocking and enjoy your system...I'm envious