If the paste is gooping over the sides of the CPU, you most likely put too much on. The most you should ever put on a CPU is a pea-sized amount. If you think you put on more than you needed, twist the cooler slowly off of the CPU and clean them both off with Q-tips and 97%-based or higher isopropyl alcohol. Then give them both a gentle rubdown with a lint-free cleaning cloth and make sure there is no debris or dust on either surface.
When reapplying the paste, put a dab of it in the middle of the CPU and spread the paste one of two ways:
#1. Put the cooler on top of the CPU and gently twist it 90˚, left and right. Then physically attach the cooler. Make sure contact between the two surfaces is not lost during the whole process.
#2. Wrap a small bit of saran-wrap tightly around your index finger and spread the paste as evenly as possible over the entire surface of the CPU. You want just a thin (almost paper-thin), uniformly smooth film of paste on top. Be careful attaching the cooler.
I prefer #2. It's a lot more involved than just plopping a glob of paste on top and twisting the cooler, but I've always gotten better temperature results using that method. AMD and Intel both seem to think otherwise, but whatever, it's always worked for me.
Keep in mind it may take anywhere from several weeks to several months for the paste to cure. At that point your CPU's temps should even out. If you applied the paste properly, you should see favorable temps immediately after you start the computer for the first time.