Tis a viscious circle... start with a stock rig on a stock heatsink... mid to highend CPU...
First barrier you'll come across is temp... buy bigger heatsink... goes faster so u give it more voltage... next barrier you'll come across is temp again.... go watercooling... goes faster on same voltage, give it more volts goes even faster... next barrier is temp again! Go TEC, goes faster on same voltage, even faster with more volts... oh look - temps are too hot for the TECs now... go PhaseChange....
Temperature is always the primary barrier. Once temperature is dealt with, it's all down to voltage and quality of CPU more than anything else. (Assuming a decent mobo from the start)
Even with your MachII GT Kesnel, your barrier will be temps. Up the voltage til the chip will go no faster.... then find a cooling solution that'll drop you another 30 degrees and you'll find there's more in that chip of yours. Once u hit -100 deg C to -120 deg C, that's about as far as you can go, then physics becomes the limiting factor - electron migration etc and there's no way round that...