Rate of degredation will depend on both temps and voltage.
The rate of degredation roughly doubles every 10C higher your operating temps are.
95C at 1.5V will have ~2x the rate of degradation as 85C at 1.5V. And 85C at 1.5V will be roughly 2x the degradation rate as a CPU at 75C and 1.5V.
(this is
part of the reason why you see extreme OC with 1.8-1.9V being done at liquid nitrogen and liquid helium temperatures, it would be even more suicide with the cpu if that were attempted at room-temperature)
That said, Intel has not published a max-voltage spec limit for the 2600K SKU itself, but all the other 32nm parts have been spec'ed at a max voltage of 1.4V.
So it stands to reason then that the 2600K is probably OK up 1.4V, after that you are eating up lifetime of the chip that Intel intended to be there so the chip could live for 10yrs or so.
Is 1.5V too high? No one in the public domain really has the data to say. I've run my 2600K at 1.5V and 5GHz, and I will probably continue to do so until it dies (so I can justify buying me an IB

)
But I would NOT recommend running 1.5V at any clockspeed if you cannot keep the temps below 80C in your actual apps of interest (not counting stress testing apps like LinX or Prime95).
edit: and yeah, what the other guys said, you should provide FULL disclosure of the OC'ing history of the CPU in selling it, anything less would be totally unethical and scummy.