Yeah...I don't recommend overclocking to someone who is not prepared for the possible negative consequences, but overclocking is fun and can be extremely cost effective. A hardcore water cooling system, even, that costs $300 will make your CPU act like a CPU that would cost $300 and can be reused over and over again, making all your CPUs act like that. Decreasing the life of the CPU is not really that big a concern. More likely you will either burn it up VERY fast or it's just going to keep running forever. Honestly, how many CPUs have you ever had die before? Motherboards, Hard Drives, Video Cards.....all of these things go south on a regular basis, but CPUs rarely die. I might just be forgetting one, but off the top of my head I can only think of one CPU I've ever had die and that was an Athlon XP 1800 (very hot CPU) and the plastic tab broke off that the heatsink/fan clip to, so since the fan was still spinning full-speed (and the motherboard didn't have a thermometer on it) it just kept running and the chip fried.
Anyway, why sky dive or or snowboard or ride horses? Lots of things that are worth doing involve risk.