If you can even get it there, it will be risky. I got my E8600 there. I used it there while I could, and I had to drop it back to 4GHz when I decided to stay with 8GB (four modules and/or more addressing space means the Northbridge/MCH needs more voltage for the same FSB, and mine runs hot as it is). While it was there, temperatures were high under load (especially stress testing program type loads), and that is with a pretty good air cooler. Voltage also had to be pushed to about that 1.4V maximum. Also, it probably wasn't 100% stable. Games, general usage, multimedia, emulation, it all passed and never crashed, but Orthos would always crash on the small FFT test at that same second every time one the same core (small FFTs indicate an unstable CPU due to lack of voltage, by the way, although no increase of voltage overcame that only error, which as odd).
Is it practically possible? Yes. Is it worth it? That depends. If you do decide to try it, expect alot of side issues like this, and expect alot of time invested in tweaking, troubleshooting, etc. I came from an E8400 with the same RAM and motherboard to my E8600, so I virtually had to use the same settings/FSB/everything, and just maybe up the voltage, and the extra multiplier would net me from 4GHz to 4.5GHz in theory (since the two CPUs are the same save the multiplier and thus default frequency), but I still sort of had alot of time I had to invest into it (sort of, it mostly did work out the gate on the first few tries). Personally, I liked to push it just to push it and have a fast CPU, but I don't intentionally do so to break records or endanger the chip either, so it was just barely worth it to me.
Unless you get a really good CPU that gets there easily and with good temperatures and voltages, I'd just stick with 4GHz, or maybe 4.25GHz as a tradeoff (I could probably get my E8600 there even with 8GB, but don't really care to right now). You'll get performance that will seem the same, but have much better temperatures and voltage levels. At 4GHz, it runs everything I play in PCSX2 at more than full speed as it is anyway.