Replacement CPU has lower voltage than current one, help?

I currently have an AMD Turion MK-36 cpu installed, and am planning on upgrading it to a Turion TL-60. It will fit in my socket s1, and my motherboard says it is compatible with the CPU that I am upgrading to. But, my current cpu uses somewhere around 3v core, whereas the new one uses a much lower 1.075v. My question is, if i put in the new cpu, will the BIOS automatically adjust the voltage, or will it fry the cpu? and if so, how do i set it down to 1.075v? If i change this in the bios, my current cpu would not work, and so if for some reason the new one is broken, i would not be able to put in the old cpu because the BIOS would be set to a lower voltage, and my mobo would be unusable. Is it safe just to pop in the new cpu?

NOTE: Ive never upgraded my cpu before, although i have some experience with other, simpler upgrades like RAM and PCI cards and Hard Drives.

THANK YOU very much for your quick response, it helped alot! Also, I wonder where I got the voltage on my old CPU being 3v, because it is indeed 1.15. I thought 3v seemed a bit high for a mobile CPU, but I could've sworn I saw that number somewhere... Anyway, thanks alot. Im off to enjoy a dual-core cpu