You might have a bit of heat problems, but you could. I am currently running my i7 920 @ 4ghz and temps are fine. I have a Corsair H50, 35c idle (cores) and max is 72c
Just make sure to find the absolute lowest setting for the voltage.
Here are my settings:
QPI: use the lowest multi
Disable turbo, keep speedstep
My voltage is 1.25, and is perfectly stable.
Also, make sure vDroop is disabled, as it could cause your voltage to rise, thus heat will rise too.