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The based clock speed of Intel® processor i7-4770K is 3.5 GHz and can reach up to 3.9 GHz using the Intel® Turbo Boost. This feature provides the capability to increase the processor speed in a safe way so that the system can finish a specific task.
On the other hand, the processor can use a memory with a speed up to 1600MHz but if the memory is faster than the maximum memory specifications the system may show strange behavior and in the worst case the system can fail.
My best recommendation is to use the default speed and settings on the processor to void damaging the unit and this as well for your memory question.