Strange PC behavior: Is my Motherboard or CPU failing?

Yesterday, when I tried to boot my computer (see below for specs), it would start booting for about 1-3 seconds, then shut off for a second or two. It would cycle like this indefinitely until I either shut off the power supply or held the "on" button for 5 seconds. During the 1-3 seconds it was on, the fans on all the components and case appeared to spin normally. I finally just unplugged it and let it sit like that oveight. Note that during this time, the monitors never received any output.

This moing, I plugged it back in and tued it on. It no longer "cycled," but instead gave me a message saying that my CPU overclocking has failed. So I went into the BIOS and disabled the CPU overclocking (which was set at 4.5 GHz). After that, the computer booted normally and seems to function with no problems.

I built this computer in mid 2012 and had it overclocked at 4.5 GHz since then with no problems. This sudden strange behavior has me worried. Is my CPU or motherboard failing? Is there a way I could find out what went wrong? Should I not overclock it again?

Please let me know if you need any additional information.

Specs:

Motherboard: ASUS P8 Z77-V Pro
CPU: Intel i5-3570K CPU @ 3.4 GHz
Heatsink: Noctua NH-D15
Graphics: EVGA GeForce GTX 680
HD: 256 GB Crucial m4 SSD 
RAM: 8 GB Corsair Vengeance DDR3 1,600MHz
Case: Corsair Graphite Series 600T
PSU: Seasonic x Series 1050 watts
OS: Windows 7 64-bit

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