I would say 1.32v is quite high, but not excessive. The standard voltage is around 1.2v (varies with motherboard) but you obviously have a significant overclock so it needs more power to remain stable. As long as your temperatures aren't soaring it's nothing to worry about.
I'm not familiar with dxdiag tests but generally programs display the standard/default first, then the actual speed in brackets. So if you are seeing this - i5-3570k 3.4GHz (4.4GHz) - you are running at 4.4GHz.