Adding voltage will "harm" the processor more than heat, but both are bad.
To much voltage leads to electronmigration. In normal english that just means that with to much voltage, the transistors will begin to break down, and will start to "leak". What that means to us, is that your OC will start to need more and more voltage to stay stable, until eventually it breaks down and wont be usable anymore.
Now, how fast that happens isn't really know (as far as what exact voltage it takes), but in general with most AMD processors, I think if you're under 1.5v, you should be fine. And as long as your temps are good, and your stable, you can have an OC'd processor last quite a long time (thlnk3r was running an opty 165 at 3GHz for years, which was like a 1GHz OC FYI).
And in general, the overvolting the NB will help out with your OC, but it varies alot system to system, so its hard to say how much it will do for you.
Good luck guys