CPU Overheating

I have an amd anthlon 2200+ w/arctic silver 3, and here is my problem. I have a problem with it overheating when using high graphics. I have a Vantec Tornado Heatsink + Fan, but where all my problems rely is on the Thermal Compound. I've been having problems with my CPU overheating and when playin games such as quake it would sometimes freeze. I come home all excited with a new title and it freezes the second time i start it up. So i decide to re-apply the thermal compound becuase i remember last time it was a little watery. I finally get get to the CPU after takin off the heatsink and there is little to no thermal compound on there, and the little that was on there was all pushed to the edges as if it melted off. I'm thinkin it didn't have time to dry. Reason being is this time when i reapplied after takin the residue off with alcohol i left to dry for about 15 minutes, and i touch it with the credit card and it still smears...i wait 15 more minutes and it still isn't dry, i wait for over an hour and it still isn't dry. I mean is there something i may do to dry it faster. I waited for almost 2 hours and i just decided to put it on, and now my CPU is runnin at an even hotter temperature than b4, it's almost maxing itself out. Any suggestions, ideas, answers would be greatly appreciated. Thank You much