Oh! New info...
I spoke to a colleague of mine and he actually agrees that you use the asr-commands to disable a CPU if it's faulty!
The point being that disabling the proc using psradm still lets it act as a controller for the memory behind it. So if the OS asks it to check something in its memory banks, then the system may still crash. Using the asr-commands disables both the CPU and its memory controller.
So I stand corrected.
It depends on why the question was asked. If it is to avoid paying Oracle per cpu license fee then a psradm script in rc2 before Oracle is brought up would work as well as it will survive a reboot. asr-disable would also do it but it might get re-enabled during maintenance if discovered by hardware folks.
If to discover a "problem" cpu then Cailin_Coilleach's colleague is correct as threads will not get executed on a cpu the has been removed using psradm but it is still "alive".