No the mobo will not shut down the computer if i7 overheats. But the i7 will shut itself down at around 120C, or about 20C over tjmax, if throttling fails to maintain it at 100C from catastrophic cooling failure.
I use realtemp and set my cpu temp at 90C and gpu at 80c, so in case of a pump failure/water cooling failure, realtemp will shutdown the computer. I have tested it many times, works great. You can get latest version in this post:
http://www.xtremesystems.org/forums/...postcount=3443
go to settings, alarm, set to bat file... RTshutdown.bat, then enter any temp for cpu you want. Also if you have nvidia gpu you can enter gpu shutdown temps as well. And just place realtemp in start up folder or use task manager to have it start if using vista or win 7.
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