first of all i'm kinda confused because on http://www.ocztechnology.com it says that OCZ Memory 4GB (2x2048MB) Reaper HPC Edition DDR3 PC3-12800 1600 MHz RAM Dual Channel 7-7-7-24 Reaper HPC Heatsink is on 1.7v however on the other sites such as microdirect.co.uk it says 1.9v. I've set the rams at 1.7v and timings 7-7-7-24 but i've got i5 750 (motherboard: ASUS P7P55D Deluxe) and as far as i know the highest voltage for i5 is 1.65V. so here's my question: will this setup damage my cpu badly over the time or should i just exchange the memories?
BCLK Frequency from 133 mhz up to 160 mhz
CPU VOLTAGE 1,1V
IMC VOLTAGE 1,15V
YES, you can damage your CPU from the memory voltages. Your memory controller is on the CPU and by overvolting the ram, damaging that part of the CPU. This applies to the Core ix and AMDs (though AMD has a higher operating range for voltage.) The ram voltage has to pass through the memory controller there and if its gone, you're system is toast. While 1.7 is high, and might do some damage in the long run without some great cooling, you'll cook it at 1.9v for sure. You'll have some terrible stability issues as the ram will produce constant errors making the system unusable.
If you don't want to exchange your ram, I'd volt it to 1.65v just to be sure and clock it best you can. Should be fine at 1333mhz with those timings at 1.65 and might even be able to tighten the timings a touch. Timings are more important anyway than speed once your at the 1333mhz anyay.