I suspect the issues with even low temps and high voltages, is just that the heat cant get out fast enough. The transistors in the die will have microscopic hotspots on them, and higher voltage is more likely to arc and degrade the junctions.
This is mostly thought about from an electronics perspective. I had an issue at work that involved transistors rated to 1600V and 50A, and were massively over cooled, yet peak voltages still damaged them over time. (They were peak voltages over the rated, but the point still applies!)
On a seperate note, my first overclock was taking my i5-2500k to 3.8ghz on the stock cooler, my second overclock was a year later when I bought a better cooler, taking the same i5 to 4.5ghz! It's been happy there for a year now, and I've had it for two. Voltage currently offset, coretemp reporting 1.24-1.35 at full speed.