Yes, it certainly can. If you take care when overclocking though, the risk fairly minimal. Overclocking creates more heat, and too much heat will absolutely hurt the processor over time. If you plan to overclock, it is worth considering buying a better CPU cooler, although certainly not necessary if you are only clocking a little bit. Watching the CPU core temperatures is a must. Most overclockers like to keep them cool (it improves the lifespan). For most CPUs, damage will occur around 95+ deg C, although you certainly want to keep it cooler than that. Programs like CoreTemp are good for keeping track of temperatures.
As another note, in your system spec, you said you have a netbook - not only is it dangerous to overclock laptops because of cooling problems, it also usually can't be done in the first place :P
Anyway, hope that is helpful.