I've herd many rumors that overclocking damages the processor and shortens the life span. Is that true? Im planning on overclocking so I would like to know.
Yes and no. If you overclock without adequate cooling then yes. However, if you overclock and you have great airflow and such, it's not so bad. What are you trying to overclock anyways?
I would say if you apply small moderate changes to your CPU's FSB, then it's not going to do any serious damage. Common sense will tell you when you are ruining components.
Just make sure you don't OC in large amounts, and always check the temperature of it after putting it under stress. If you OC a CPU and see it's at 70*C after coming out of 1 hours worth of gaming, then you're in trouble.