No.
I've been running my entire system overclocked since may 12th 2012 and nothing has died. You need to manually control your voltages or adding to BLCK when on auto could damage stuff on the mobo, but not in the slots. (Specifically vccsa, vccio, and CPU pll)
I run a p8z77-ws with 107blck, a 3770 @ 4.38GHz w/1.22v, and 1600MHz DDR3 10-10-10-27 2t at 1712MHz 9-9-9-27 1t using a 100:133 divider. My 580GTX Lightning Xtreme 3GB in SLI are also overclocked to 940/1880/2400.
I had to fine tune voltages to get it stable, but after almost a year I haven't had a WHEA error, save when I downloaded the latest bios and had to re-tune.
The only thing that will cause damage is too many volts and/or too much heat. BLCK is just your FSB frequency, which everything (memory, pcie) runs through to hit the processor. Too much frequency and not enough volts = instability. Too many volts = too much heat = CPU death, since the memory controller is integrated and you can toast the northbridge on the board too.
Experienced overclockers who test for heat and instability at each step should be fine. Newbies? Not so much. Too many volts and a quick degradation and death is around the corner.