Overclocking a CPU in terms of its clock frequency only has very, very little effect on its lifespan, if any.
However, Intel does specify the lifespan of a CPU and they do fail in time. If you have it in a server environment where it will be loaded at 100% duty for years continuously, they can sometimes fail prematurely.
The only real thing you need to worry about is the motherboard failing, as that is fairly common when pushing things to the extreme, but its usually due to components on it that have poor or passive cooling on them overheating, or suffering from punch through from elevated voltages.
CPU’s do theoretically ‘wear’, and they do fail. But with a i7 920, you can very very safely run them at 3.2 or even sometimes 3.4 GHZ at the stock voltages, or under. This will keep the CPU’s temps about the same, if not lower than what they would be stock, improve performance, and possibly reduce power consumption.
I would NOT recommend running a i7 920 at 4GHZ daily, as it puts unneeded stress on the components in the system. But most of my computers are on 24/7 and running at 100% CPU load. If you have the thing on a hour or two a few times a week, this is not a concern for you really at all.
But regardless, CPU’s do fail, especially when in the hands of a unexperienced overclocker. Its easy to push a CPU hard, but the performance gains arent generally justified in any way.
My brothers i7 920 is on the stock cooler with HT off at 1.002 Vcore under load, measured at the chip and running at 150x20. Its been running at 100% CPU load for about two weeks now, and the temps are about 16ºC lower than stock, and it takes 18 less watts than stock as well, yet can perform more operations per second.
Some very very moderate overlock like that is more or less optimizing your individual chip. Intel gives the chip massive overhead on the voltage, so every one is going to be stable at stock clocks. Thats why you can run them at 3.2 or higher on the stock voltages. So I believe everyone who cares about the performance of their machine should take the time to properly configure thier system for maximum performance. If you dont care to do this, you shouldn’t be making your own computer.