it is supposed to be 1.75V and you board will probably not support greater than 1.85V
You may find that reported voltage (outside of bios) ranges higher than you expected - this seems normal as long as bios is reporting the right voltage.
You should use motherboard monitor or similar to monitor your cpu temperatures. You'll need a good cooling solution to overclock that cpu very far - if you have the stock heatsink/fan you possibly shouldn't overclock it very far for very long.
Ideal running temperature when overclocked would remain below 50C, better if you can get lower.
It will help us to know your motherboard and RAM type (rating and CAS type).
Basically, depending on your board, you may have two options to overclock the cpu - the FSB or the mutiplier (okay - I lied, 3 options - you can use multiplier and FSB at the same time
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Let us know about your mobo and RAM combination and we'll go from there!
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