1.4 volts on vcore is a little high for the CPU, even a 920.
Overvolting: Useful if you want to overclock and boost the speed of your processor. But only use as much voltage as you need! Do not push it too far, otherwise you can burn up the chip.
Undervolting: Useful if you want to run your system as cool as possible while saving money on electricity.
Both of these settings should be tested extensively with a stressing program (such as Prime95) and monitored (with Coretemp). Here is a good guide
to help your friend understand how to overclock/undervolt.
CPU: i7 930 @ 4.01 ghz, 1.26v ||| Cooler: Corsair H100i
MB:ASUS P6X58D-E ||| RAM: G.Skill 6 x 2 GB @ 1528mhz/9-9-9-24/1.6v
Video: Nvidia GTX 480 @ 775mhz/1880mhz ||| Sound: ASUS Xonar D2X
SSD: Kingston HyperX 3K 240GB ||| HDDs: WD 1TB and 2TB Caviar Blacks
Optical: LG BD Writer ||| Case: CM Storm Trooper with Scythe side fans
Power: Corsair AX1200 Gold ||| OS: Windows 7 Ultimate x64