newegg doesnt refurbish components as a factory would, they usually just take items that are sent back through RMA, and resell them... basically its like an openbox item you would buy at BB or CC
factory refurbished means that what ever was broke, it was fixed, checked to see if it works properly and is as good as new, newegg doesnt guarentee anything they dont even check to see if it works before the resell it... they even say: "YOU ARE TAKING A RISK BUYING REFURBISHED PRODUCTS"
more than likely it's a cpu that didnt OC very well and it was sent back
I would be surprised if they just turned around and sold products they got back through RMA without any sort of testing. That means buying a refurb product gives you like a 50/50 chance of getting something working or not. You do have to accept the 'risk' of buying refurb but you can still expect something to work. At least I do.