Just like a computer (and let's not kid ourselves, these smart phones are hand held computers) smart phones can be overclocked. But in doing so, I imagine you'll get worse battery life out of your device. Even so, I see ROMs sporting about overclocked processors that somehow use a diminished voltage. It doesn't seem logical, is this a snake oil remedy?
Secondly, if one is overclocking their phone processor, will heat be an issue like it is with desk top computers? Will it diminish the life expectancy of the device?