So I downloaded speed fan and it showed the same temperature readings. On the speedfan website it indicated that extremely high temperature readings could be a result of a sensor that was not used by the mobo maufacturer. Plus, sometimes when I start HWMonitor it does not even register the Temperature2 reading.
I got an infered thermometer from work and checked every inch of the mobo as well as the NB, SB and GPU and all the reading were around 100F-115F. My system seems to be stable, the temperature is very constant when running realtemp and prime95. Windows 7 64 bit has not crashed.