E6400 - High T and I haven't OCed it (70+C)

[powerfuel]

Hi,
I want to OC the computer I am currently using. He has 2 years old and he's been running with this CPU for 2 years.
Here is my setup:
E6400 Vcore around 1.2V/Asus P5B Dlx [39C]
I wanted to OC it so I was in the BIOS setup Version: 0405. I went on Power then Hardware Monitor and that option showed the incredibly high temperature. I say 70+C but I think it was more like turning around 75C. I can't explain why it's so high, haven't changed anything yet. The fan is the default one... All I did today before touching to the BIOS was unplugging the CPU, removing the fan to clean it. I noticed there was a Grey material (like powder) on the copper of the fan and the top of CPU. I removed it smothly with a knife on the fan and used a kleenex for the CPU. I don't know what it was, maybe old plastic, maybe I'm wrong. IDK if I did an error =S
I think my BIOS setup shows wrong information and I was wondering which program I can use. I tried to Download Prime 95 but the files were corumpted...

CPU-Z screenshots:



Edit: confirm a temperature of 75-76C

 

[MaDMagik]

The grey material you removed is a thermal compound, you should buy one and apply again(AC Arctic Silver 5, or AC MX-2 or other). Download CoreTemp to check the temperatures inside windows. I found Hardware Monitor on my P5Q pro mobo very unreliable for some reason.