Windows 7 power manager, how to set CPU percentage?

In the advanced settings in Windows 7 power manger, you can set the maximum and minimum CPU percentages in order to save battery life. How does Intel's Turbo Boost technology work with this? For example, if I have a i5-540m processor with a frequency of 2.4 GHz and it can turbo to 2.9. Lets say I set the max cpu speed to 80%. Presumably the speed will be 80% of the 2.4 GHz, but can the processor still turbo past this speed?