This cant be good  

Heh.. oh man.   . o O(System Status: OK)
 
Did you find out if you have the latest bios for your MB?
 
Have you tried Core Temp to get your Tjunction temps (DTS on the cores)?
 
Speed fan could also offer core temps (might be off by 15C) as well as the Tcase temp, you will need to config it correctly.
 
Core 2 Quad and Duo Temperature Guide

Flash your bios and hopefully all will be well.
 
If not then get a new mobo and thank Intel while your forking out more cash.
 
Or simply ignore the problem ...

In BIOS turn off the monitoring by disabling all Fan & Temp EQ settings and then re-install uGuru, It worked for me.

what people are trying to say, is if that true be very concerned, although i think it is a Bio issue, many motherboard came out before e8xxx series so there bios is a little old now.
 
check the temp in bios.
 
if it the probelm remains, make sure your HS/f is mounted properly with all the pins locked into place.
 

wouldn't it have melted at that temp(that's 450F), or caught fire. it's just probably being misreported by MB

Melted? I'd say if it really was that temp the house would be on fire.

BIOS Flash did nothing btw

Which Abit board are you using by the way?

lol somehow i don't think that's a legit temperature. What mobo exactly are you using? And correct me if I'm wrong, but don't a lot of the early e8400 have a bug reporting the temperature or something? I was kinda confused about that.