If i remember correctly you can get bogus readings on systin, cputin, and auxtin on HWmonitor quite frequently.
I dont think you should have anything to worry about, if your CPU was that hot it would likely of gone into auto shutdown before reaching 120.
Okay, thanks a lot for clarifying that. It was freaking both me and my friend out last night, because he actually DOES need a new case (just too small of a case to house the components he has) so we thought that it was just ANOTHER thing starting to go wrong. The CPU core temperatures never got that hot. In fact, I don't think the CPU core temperatures went higher than about 60 degrees celsius, so it makes sense that it would be a mistake made by the program.
Another question. Is it true that computers will automatically shut down if they reach a certain temperature?