Is my graphics card dying???...

First off, I put this computer together myself, approximately one year ago. It was my first time. Everything seemed to have gone smoothly at the time...
Here's the card I purchased: http://www.newegg.com/Product/Prod [...] 6814130071
In the past few days, I have been getting some major slowdown.
This happens more noticeably on high graphics games. Overall, my frame rate is dreadful, and it fluctuates. I used to be able to play FEAR on maximum settings at a pretty steady 60 FPS or so... NOW, I put the game on minimum resolution and I'm hopping every handful of seconds between 10 fps and 2 fps.
I can't even run Diablo 2 smoothly.
Even videos on youtube skip if i have a few windows up.
My audio doesn't skip. Only the video.
SO I decided to reformat my hard drive... Drastic measure, but I felt it to be somewhat of a failsafe decision... Only to get the tiniest improvement.
It's still practically impossible for me to enjoy any games I have, which is a TERRIBLE disappointment, as I'm primarily a gamer and gaming is what I built my PC around.
I don't believe I've ever had any issues with heat; I've kept the guts pretty clean and free of dust; I've done no overclocking.
I've run memory tests and benchmarks, and though I do not possess extensive knowledge of hardware, the weakest link seems to be my graphics card.
If it helps any measure, PerformanceTest 6.1 'Graphics 3D - Complex' test yields a miserable 4-5 FPS.
Is my graphics card dead???
If so, Is repair a possibility?
It was 400 dollars, and it's not quite a complete year old.
Thanks in advance, guys.

Sounds like your PSU may be failing to me.

What are your full system specs?

Your CPU, if those temps are correct, is WAY too hot.
Normal temp should be around 32-35C at idle, and low to mid 50-'s under full load. If it's getting that hot, the speed-step function may be cutting it down to an idle, and keeping it there.
Check to make sure you CPU fan is working correctly, that the heatsink is still mounted correctly, not full of dust...etc. You may need to remove it entirely, clean and apply new thermal paste.

It does seem indeed that cpu is cutting down not to overheat.
You should seriuosly consider to buy powerfull coolers for CPU and case to manage that much heat inside the case. Also I would go for 100% fan speed ALL THE TIME. Preferably u have 2 case coolers - intake and outtake...
If that is not the case then check how tight is cooler on cpu maybe it doesnt fit tight enough and just partially touches the surface of cpu itself.
When u get cpu temp around 35C in idle then run some games again.

CPU overheating is definately the problem, you want to be around a comfortable 38 o C give or take 5 o C due to full load and such...
The CPU will bottleneck itself if it runs too hot and slow down to prevent a meltdown.
Consider yourself lucky you're not using an AMD processor, that woulda melted right into your MoBo...

I think he's referring to a way-previous generation of AMD CPUs that didn't have the smarts to throttle themselves in cases of overheating.

Hey guys, I feel a little dumb that I couldn't figure that out myself, but at least I learned something.
I decided to go for the cheapest possible potential solution as a quick fix, and I may get the arctic cooling heatsink.
I took everything apart, cleaned the old thermal compound residue off my CPU die and heat spreader, applied new thermal compound, put it back together... I'm sitting at 35ºC replying to this now. FEAR runs great again at max settings; was at 50ºC in the middle of a game. I'm happy.
Thank you all.

Maybe it was just the mount.
First time I installed it, I used the factory shipped and applied compound, didn't modify.
I removed the residue, but there was hardly any visible and applied my new paste.
It's working great now, either way!