IF the case that your brother gave you had no ventilation whatsoeover, then there is no way that even 60 ultrra case fans are going to be of any benefit to cooling (assuming you hasve a hefty power supply). Perhaps when your bro shopped for the case, he did not know as much aout computers as he does now. I wouldn't call my bro an idiot for that. Afterall, he was kind enough to give you his system, and I would feel ashamed if I talked about one of my relatives like that after such a kind deed. But this is beside the point. Underclocking won't help much either because heat will still accumilate inside the case, just not as rapidly. If you are a cheapskate like me, I would suggest taking the left side of the case off and you will have better cooling than you could possibly imagine. Leave the HSF solution on, because theast must disspate from the CPU core ASAP.
Now if you can afford high end products like LHGPoobaa or Eden, I would suggest a new case with plenty of fans. And after I make certain that the case has proper ventilation and cooling, then I would change HSF cooling solution, apply thermal past, and PUrchase a Volcano cooler or something along with a high quality heastsink.
My OS features preemptive multitasking, a fully interactive command line, & support for 640K of RAM!
a 700 mhz system doesnt even need a case fan. i have a system for watching videos on my tv, its an xp 1700. i didnt even have a case fan until summer and i added a radeon 9100.
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