Overclock + Electronic Hotness Smell = Bad?

[Mulsiphix]

Question
I just overclocked a brand new CPU and motherboard and I am getting a weird electronic smell. I'm using a E4300 Conroe and have it clocked to 3GHz. Is there a break in period for new electronics or am I literally frying something inside the case? I have great airflow and have easily achieved 3.15GHz using this same CPU on a MSI 650i board using the same voltages for CPU and NB. Is there a break in period? Does the thermal paste smell like this during the break-in/setting period for a new CPU install? Please advise

Relevant System Specs
CPU: E4300 Conroe @ 3.0GHz
Heatsink: Tuniq Tower 120
Motherboard: XFX nForce 750i SLI
Stress Test: Orthos - Small FFT's test
Temp During Test: Between 155F to 160F (68.3C to 71.1C) degrees
RAM: 3GB DDR2-800MHz, 4-4-4-12@2T, Unlinked (bios setting)
Power Supply: Thermaltake ToughPower 750w
Case: Antec 900 Gaming Case (5x 120mm Fans, 1x 250mm Fan)

Voltages (red = modified value, blue = default value)
CPU Voltage: 0.1325v (default was 0.0000v)
Memory Voltage: 1.90
VTT FSB Voltage: 1.200
NB Voltage: 1.32v (default was 1.24v)
SB Core Power: 1.50v

CPU-Z - Stock


CPU-Z - Overclocked