No it will only change the turbo frequency. for instance, i have a 3570k running at 4.6 under load. i have speedstep enabled. when i am trolling the web it runs at 1.6 ghz. the second i start gaming? 4.6 ghz the entire time, no dips in frequencies, droops, nothing. the chip is stock 3.4 ghz. funny thing is i have never seen it at stock speed. its either at 1.6 ghz at rest or 4.6 ghz when flexing its muscles. Also when i disable turbo, my multiplier windows disappear. unless someone could explain to me how, i think i can only oc in turbo.
hope this helps