No it's too high. And no you wull not be able to rma it as far as I know. Now is there a certain clock speed you want it running at? And the point behind it ? Also you should pay attention to your temps. What cooler do you have?
ive been told anything 1.3 and under is in the green and 1.4 or higher is really pushing it
1.3v IS VERY GOOD! But, there really isn't an issue going over it if you have good cooler. e.g. Noctua NH D-14 style air cooling or Corsair H50-70 for going up to 1.4v. After 1.4v, I wouldn't go furhter unless I had an H80 or a open-looped water cooler.
According to the test guys here at Tom's Hardware Sandy Bridge chips start degrading due to electromigration once you start closing in on 1.4v. They have seen some chips start to degrade at a bit less than that as well. For a chip to last and be stable I would keep it under 1.36v unless you have a custom watercooling setup. Once you go over 1.4v chip life can be reduced to a matter of months.
Also unless you have a 3 x GTX580 setup you will see very little gain from overclocking past 4.5Ghz. Some encoding type programs may scale a bit faster at higher speeds but not enough to risk your chip.
Intel offers a special overclockers insurance for K series chips. If you really want to kill one then for $20 for a 2500K and $25 for a 2600K you can get one no questions asked replacement if you kill it overclocking it.