Can you permanently damage hardware with overclocking?

I will attempt to seriously overclock my old Pentium 4. I have never tinkered with things like voltages before. Can I permanently damage my hardware by doing this? Are the risks high?
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More about permanently damage hardware overclocking
  1. yes you can fry your cpu.. Just don't go crazy.. And don't push hard if you are using your stock heatsink.
  2. Old P4's are typically not real good overclockers. And they aren't like Intel's newer chips that will shut themselves down when they start getting hot.
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