Overheating cpu amd 2700+

So I have a slight problem and I am desperate for any answers. I have read here and on other forums but I am not finding any solutions as of yet. Main problem is cpu overheating and system rebooting. I have a Gigabyte 7S748 motherboard and also have the easytune 4,speedfan,wcpuclk,and rightmark cpu clock utility. Using speedfan my cpu is at 46c I would love to bring it down to 40c. Here is a cpuid log:
CPUID Hardware Monitor 1.1.4.0
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Mainboard Vendor Gigabyte Technology Co., Ltd.
Mainboard Model GA-7S748 (0x1E2 - 0xA6BA98)

LPCIO
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Vendor ITE
Model IT8705
Vendor ID 0x90
Chip ID 0x8705
Revision ID 0x2
Config Mode I/O address 0x2E
ITE IT87 hardware monitor

Voltage sensor 0 1.65 Volts [0x67] (CPU VCORE)
Voltage sensor 1 2.66 Volts [0xA6] (VIN1)
Voltage sensor 2 3.06 Volts [0xBF] (+3.3V)
Voltage sensor 3 5.38 Volts [0xC8] (+5V)
Voltage sensor 4 12.42 Volts [0xC2] (+12V)
Voltage sensor 5 -8.77 Volts [0x89] (-12V)
Voltage sensor 6 -6.59 Volts [0x67] (-5V)
Voltage sensor 7 3.79 Volts [0x8D] (+5V VCCH)
Temperature sensor 1 29°C (84°F) [0x1D] (TMPIN1)
Temperature sensor 2 46°C (114°F) [0x2E] (TMPIN2)
Fan sensor 1 2813 RPM [0x3C] (FANIN1)

I have one front fan blowing in and one rear going out,one side going out and also the ps which is a PowerMax 450W

Any help would be great . Thank you all !

Also can someone tell me how to underclock this board if all else fails.

ok I did switch the fan and now it is blowing in with the same results and I already put new paste on.

I did notice that the video card which is a MadDog NVIDIA Geforce4MX 4000 128mb fan is no longer spinning, Could this somehow effect the temp of the cpu ?

not necesarily-graphics card fans dont always spin. try doing something graphics card ijntensive to seeif the fan goes on. the only way i could get the fan on my old agp nvidia card was to do ms flight sim 2004 i also see that. als o ur psu voltages are quite off

I also just replaced the stock heat sink and fan with this one just to see if there was a difference. Its a bigger heat sink to displace the heat more and Yes I did remove the plastic cover for those who think otherwise.
Rosewill RCX-Z100 One ball bearing for over 45000/hrs life CPU Cooler
http://www.newegg.com/Product/Prod [...] 6835200017

oh sorry about that. No it did nothing. If I could afford a water cooler Id get that,its just I am on low funds this month.

Don't spend to much on this. It is very old. You could buy a similar or faster CPU/mobo from ebay for $50. You'd be better off upgrading to AM3. You've already bought a heatsink, I don't know how much else you've spent on it.

Hmm .. first, what does your computer do when it has the problem? Does it shut off and stay off, or does it reboot? Because if it's an overheating problem, usually it stays off, not reboots on its own.

Also, 46c is not terribly hot, and if that's the hottest temp you've seen I doubt it's an overheating issue either. It's a little on the high side for an idle temp, but I wouldn't say you're in the danger zone.

Honestly, this sounds more to me like a power supply going dead. What are the specs on your current power supply, how old is it, and have you tried a different one?

ok Problem solved. 1st let me thank everyone who helped me out. I really appreciate it. Took the Rosewill RCX-Z100 out and found that it was too tight and the chip squeezed all of the paste off resulting in no paste also re-installed stock heat sink and fan w/paste - moved pc out to the sun room which in Wisconsin is now the freeze room at 43 F and then to the basement during the summer which stays at a 53 F year round.--- Probably the original solution was to re-seat the heat sink (which I did) but apparently not good enough.---- Thanks again to ; Rick_Criswell ; HansVonOhain ; shovenose ; False_Dmitry_II ; capt_taco for your time.