yup, no prob. most newer CPU's have some systems like this. even older P4's and i think perhaps P3's had power saving features. back then it was either on or off tho, now you get CPU's that can regulate speeds and voltages through 16+ phases or on some high end boards teh mosfets have 24+ phase ranges.
to give ya an idea on wattage. when i run my i7 860 stock on ram/bus/cpu it uses about 140w idle or around 350w while under load. with the over clock i use 520w standard and 750w under load.