Fan settings seem normal, and the airflow seems good.
I opened the case and cleaned off some of the dust on the fans, then inspected the cpu. After taking off the cpu heatsink, I noticed that almost all the factory supplied thermal paste is gone, so I'm guessing that this might be the reason for the unusually high cpu temperature.
Here are 2 pictures (Click to zoom in for a better look):
^the back of the cpu
^bottom of cpu heatsink
There doesn't appear to be any visible damage to the hardware components, but please tell me if there is something I should be worried about other than replacing the thermal paste.
Oh and I'm also curious to know if replacing the thermal paste with Arctic Silver AA-1.75G Thermal Compound http://www.newegg.com/Product/Product.aspx?Item=N82E16835100014&cm_re=thermal_paste-_-35-100-014-_-Product
would bring the CPU temps back down to the 38-42 Celsius range I was getting before..
Thanks in advance.