Liquid cooling is used only because it moves heat away from the heat-sink faster than the normal air flow created by a mounted fan, but now with the large dual fan mounted heat-sinks, getting a $20-30 cooling unit can go a long way to the $80-100 or so you need to spend on the small closed liquid cooling units, and most cases they preform exactly the same.
There is a risk, but if you just go slow you don't need to even enter the danger area. That's even with standard stock gear.
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Nice, but core i7's can easily go past 3ghz without being on "turbo mode" Heck, if if a Phenom II can do it, then i7 can do it blindfolded.
no, because once you change any clock the i7 PDU automatically goes into turbo mode. I just used the built in BCLK program which means I got from 2.67GHz to 3.67GHz on 1 reboot.
Using the manual OC and knowledge of the processor (which I don't really have) people reached around 4GHz stable with 920 and over 4.5GHz stable with the 965 i7 EE. But considering I got to the speed of Intel's fastest CPU ever (P4 67x - 3.8GHz stock clock), with stock cooling and 1 reboot, makes this CPU pretty amazing.