I7 in Reboot Loop, Fixable?

Hello. I was wanting to buy a new I7 cheap and found a good I7 2600k, but here's the problem:

The processor (I7 2600k) was part of a system that was over clocked by raising the turbo boost to 4.2 for all cores only; not by raising the voltage. The processor was stable but their motherboard gave out, and would no longer post at boot. So far with a fresh mobo he was not able to get these processor working with default settings. No burned pads, chips, or other damage is visible on the processor.

It lived on gigabyte mobo, a p68. He suspects that the vrms gave out on the motherboard, because not even a fresh processor would boot on it. When he runs the processor on a fresh mobo the post starts but before the "okay beep" it falls into a reboot loop. Fans spin up, but all bios/post light stay lit. He hasn't tried to boost the voltage in the bios then swap a processor out. He also ran fresh 1333 mhz RAM through it and a fresh mobo type z77. So, my question is, does this seem to be a failure of the processor or the work of another culprit in the computer? Can it be fixed or should I take my money somewhere else?
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  1. It is clearly the processor that is the issue. You cannot fix components of a CPU, but if he could get into the BIOS and reset the multiplier and raise the voltage a bit and the CPU was stable it would be ok. I would still get a new I7 2600K if I were you. Take your money elsewhere, you could even get a current gen i5 3570K
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