Originally posted by: ST
when you raise the clock frequency, setup and hold timings are affected on the rising and falling edge; if raised too high, your system will be unstable beause it violates these parameters. With increased voltage, you gain some timing window, since you require less time to go to the proper logic levels.
Translation... when you switch a transistor faster and faster, you need to increase the voltage (aka, electrical pressure) to allow the transistor to "charge" adequately and be considered ON. Otherwise the transistor is switched off before a high enough voltage rise is seen on the other side and the transistor remains OFF.
Think of it like holding a cup under a faucet sideways, this is the OFF position. To turn it ON, you turn the cup rightside up. The frequency at which you turn the cup is like the clock frequency of the CPU. Whether the glass is full or not is whether the transistor is actually producing an ON or OFF signal (a 1 or a 0). In order to fill the cup while turning it faster, you need more water flow... either by opening the faucet more (more amperage) or by increasing the water pressure (more voltage). Since we can't open the faucet more (more amperage), we increase the pressure (voltage).
The downside to this is that it increases current leakage within the CPU. Using my previous analogy, this would be the water that runs down the side of the glass when it's in the OFF position. While it's not nearly that severe with a CPU (current flow doesn't remain the same when the transistor is in the OFF position as in the ON position) it still exists and increasing electrical pressure makes it worse.
*EDIT* By the way, I know it's not a perfect analogy, but it should give you a basic idea of what's going on and why increasing voltage helps increase the stability when clock speeds are increased.