Doesn't sound likely.
More often the case is that with the increased voltage that's used to overclock a processor (upping the voltage makes the system crystal vibrate faster which makes each CPU clock tick take less time) you get overheating.
A CPU is basically a silicon wafer with other materials added to it to create millions and millions of microscopic transistors. When voltage is applied to the processor, current flows through the transistors and they provide some resistance to that current. This causes the processor to heat up. The more voltage you apply to it, the higher the current will be, and the more it'll heat up.
The wattage of your power supply sounds quite adequate for the system as is, but if you're planning on overclocking, plan for increased heat at the processor.
If you were overloading your power supply, you'd be getting the excess heat in the power supply itself, not the CPU. Too much heat in the power supply can raise the temperature inside the case to a level where it's not safe for the CPU, but it's not the CPU that's generating the heat.