Temps around 70 degs C and over will definitely reduce CPU life. Even idle temps of 42 degs C is high. For comparison, my i7-920 OCed at 3.82 GHz is now running at 30 degs as I type this.
High temps usually indicate a CPU/heatsink assembly issue.
I suggest that you re-install the CPU/heatsink using industry accepted practices. This site has plenty of guides in the New Build section. http://www.tomshardware.com/forum/288241-31-read-posting-buyer-guides-troubleshooting