It would be nice, but the overhead would likely be unacceptable, since most code is dominated by integer arithmetic of one form or another. There was a StackOverflow question here http://stackoverflow.com/questions/199333/best-way-to-detect... that has some good suggestions. As for hardware support, many (but not all) architectures have some support for trapping or jumping to a specified address on integer overflow. The problem is compiler support. It has been a long time since a mainstream compiler for a mainstream architecture has supported it. GCC still has a -ftrapv flag, but it appears not to work anymore.
There's a cool paper on a static analysis tool to detect possible overflows here: http://www.isoc.org/isoc/conferences/ndss/09/pdf/17.pdf They used it to find real bugs in open source projects.