Will higher voltages damage the CPU?

I got my mobile 2400+ (Asus A7N8X Deluxe 2.0 with DDR 3500)running at 2300 MHz (11.5 x 200). I bumped the mulitplier to 12 but the system started rebooting while I was doing things. I bumped my voltage from 1.575 to 1.6 and it still rebooted some. It was only running about 40C so I am sure heat isn't the problem. Am I ok to bump it more and more as long as it stays cool or does the additional voltage decrease the life expectancy? I am new to OC'ing and was just wondering the ramifications. How high should I realistically go, MHz and Voltage without worrying about damaging the CPU? Thanks for any help.

the answer is no on asus a7n8x broad because it build in vcore overvoltage protection at 2.11V volt... everytime u go be on that ... it will shut down... man.. u lucky to boot at 2300 with only 1.7 volt..... u need more than that to stablity the system running at that speed.... if u want to overclock do the vcore mod u can bring your babe up to 2400+ with a right cooling ..... mine, I run at 2475 with 2.06vcore.......