No its not ok, you are looking for at max for it to be around 65-70c, max. look up some guide on how to reapply thermal paste (you did reapply it, right?) remember use a pea sized drop in the middle of the cpu and no reusing thermal paste that was already on there is not ok.
(clean off your old thermal paste with a coffee filter first)
also if your HS is a bit dusty, clean it.
Yeah I didn't know that the silver thing on the CPU was the old thermal paste. And I spread the paste all over the CPU with my hand. I think I'll reapply again tomorrow and see how much it work.
No, your temp is very high. It should be under 60c without oc. Buy a new HS.
Auto timing works for most of time. Check each memory individually with memtest. Different size memory shouldnt be a problem.
It's oc. From 266Mhz to 320Mhz.