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Turboboost.exe is software from Intel that can "boost" the performance of your CPU based on workload.

This is from Intel's site:

Intel® Turbo Boost Technology¹ is one of the many exciting features that Intel has built into latest-generation Intel® microarchitecture codename Nehalem. It automatically allows processor cores to run faster than the base operating frequency if it's operating below power, current, and temperature specification limits.

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