Incorrect, the cpu does support it as well as the mobo. Cpu speed and ram speed are separate. You do not have to oc the cpu to oc the ram. When you set the timings and speed, did you also raise the voltage? You could also try loading the xmp.
Everything defaults to stock speeds, you have to overclock, or at least tell it to. Xmp overrides any ram settings you changed manually. Xmp changes all ram settings so you don't have to manually, it's a nice feature. What speed is profile 2? The different profiles should be different settings.
I installed CPUID Hardware Monitor and it seems like the core temps easily goes upto 100 degress celsius.
Could this be the problem that causes all of this? Can I trust CPUID Hardware Monitor ? I might have to get a new cooling system for the cpu immediately?