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A computer will run a processor at full speed when initially booting. Just a wild guess, but I imagine that's what you're looking at.
Absolutely possible. Some mobos (ASUS in particular) overclocks slightly by default, probably to get better benchmarks. Either way, a non-K edition Core i5 has a few unlocked multipliers above max turbo, so running at that speed is fine. Also, the processor can dynamically turbo up to a few bins (few hundred MHZ) above the default when only 1 or 2 or 3 cores are stressed. This is by design.