Seems to me you are reading the motherboard CPU temp, which on average is 10 to 11C higher than the actual core temps which are what you need to be keeping an eye on.
Same processor, OC'd :
CPU 4142 MHz @ 1.425 vCore
FSB 259 NB @ 1.15 V
MULTI x 16.0
NB 3106 MHz @ 1.36875 V CPU/NB
RAM 1726 MHz @ 1.55V
HT 2071 MHz
You can see the core temps read 55C and the mobo-cpu temps are 64C. This is with a 92MM push-pull CoolerMaster Hyper N 520. Ambient temps were 70F.
I wouldn't let my cores go over 60C, I wouldn't pay much mind to the CPU temps from the mobo.
If you unlock, you can't see actual core temps - if this is the case, assume that your core temps are about 8C lower than the reading.
DONT OC WITH YOUR CASE OR COOLER.
I see you got some fans and a cooler, this will help and you should be okay with that processor at about 3.8GHz and 1.32 vCore or so... maybe a little higher. Test it with the lowest volts possible and work up in tiny increments to find a max stable OC on the least possible voltage for the lowest possible temps!
Good luck, let us know the new temps with a screenshot when you get the fans installed.
ALSO- based on your OP - it seems to me you added thermal compound to the heatsync without removing the stock paste on the cooler. If this is the case, too much thermal paste (your thermal paste is great, but not mixed with stock paste on top of it) can actually insulate your chip rather than transfer heat. Shin Etsu by MASSCOOL is what I use, and swear by now. Many others do as well. It has no cure time and works wonders at transferring heat. Cleans up nicely and is easy to work with. Is also non conductive.Edited by FromUndaChz - 12/21/11 at 8:47pm