I just checked with the BIOS as you all suggested. it read 11.8xx V and 1.9xx for the DDR2 RAM. I guess its fine since all runs well.
The only problem im facing however is my p31 board doesn't seem to work with 2x1GB DDR2 800Mhz rams and the system freezes. i took out one of them and all fired up nice and clean. Tried testing both rams with memtest86 and both of them passed. Should i consider getting rid of the 2 sticks and work with only 1 2GB stick for now. Sorry to digress from the original problem. i could greatly use your advise.
nukemaster gave you good advice, measure with a multimeter is the best why to verify readings. As several have pointed out, if the software reading is "in left field" ignore it. Cheap multimeters can be found and are a valuble tool not only for computers but around the house. They are simple and easy to use.
More inportant is to look at these voltages under load, ie run prime95, or orthos to load cpu and ATI tools 3d view to load +12V
Might try other software that reports +5/+12V - may get lucky and find one that works.
Nukemaster, on +5 V I think 4.75 is the bottom limit (5%) as this is the low limit for any TTL ICs ( Most IC in computers are CMOS with a lower limit). My self, I ditch any PSU that alows outputs to vary outside the +/- 3% tolerence UNDER Loaded conditions.
As nukemaster said, compare your Ram voltage (Looks like 1.94V) to manuf spec. Some require as high as 2.1 V to run properly. Added again as nuke stated, it looks like ram voltage is within spec. No experience with that brand, Also, if running two sticks in daul channel, it is advisable to buy matched pairs (Not a requirement)
2nd Don't know what your ambient temp is, but if around 75 F then Your CPU MAY be running a little hot. Need to also check core temps under load.
Note - There have been some problems reading 8xxxx proc temps.
I would expect a max core temp of in the mid 30s to low 40 at idle
Added - Run orthos, or prime 95 in windows. My memory checked ok runing memtest but would bomb out within 10 mins runing orthos