|At this point, I have my doubts that your system was ever properly assembled as a complete system so I am going to go over all of the basics.|
The proper way to apply thermal compound to a CPU/Heat Sink (clean surfaces with a quality rubbing alcohol) for AMD:
If you feel that it is needed, you should be able to reset your NorthBridge heat sink, Google for directions or ask mfg for instructions (I have never needed to do this), but try all else first to make sure that something else below helps you fix things.
I notice that you only show one fan speed on HWMonitor, this probably is an indication of a problem to me. You should have ONE fan on your CPU heat sink pointed down towards the heat sink. You should have ONE fan high up at the rear of your computer's case set to exhaust (blowing OUT) to expel hot air from your case. You should have ONE or more fans on your computer's power supply that also takes air from the inside of the case, blows it over the power supply's components and then out of the case (as a supplement to the case fan). That is all you require for your case air flow. You CAN add (if your case allows, add a front intake fan low in the front of the case (blowing IN) as an option, but unless you have a powerful graphics card or multiple hard drives, this is not really needed. For cases with bottom mounted power supplies only, you can add another exhaust fan at the top of the case if there is a place for it if needed. << Never use side fans >>
You should have a continuous flow of air that comes in low at the front of your case, flows over your components and out high up at the rear of your case. Heat naturally rises so this natural convection adds to this process of removing the hot air from your computer's case. If you have stagnant air (not moving) or turbulence (moving in all directions, but not efficiently moving the air out), then you could actually be concentrating the heat in the one or two spots and not removing it.
For those who are not overclocking or mildly overclocking, the stock heat sink and fan should be sufficient if properly attached and maintained. I am running two systems overclocked (and others in the past) that are overclocked on stock Intel coolers and my temps are idle 30C-34C, mid 40C's normal usage, and max load low 50C's. I do however, run slightly improved case fans (high CFM's, low dB's) quality aftermarket fans usually $6. to $12. set up as above.
Closed loop water cooling systems would be a waste of money for you, they rarely perform much better than a higher quality aftermarket air cooler which will be less money, and those are really needed for more serious overclocking, especially when those overclocked systems are used for serious use like gaming or graphics and/or CPU intensive work environments.
You have to be a little bit crazy to keep you from going insane.