Ignore the teenage fanboys; all they do is crap others' threads.
You did say that the heatsink was hot to the touch--THAT is actually -good-...it means that the heat is being transferred to the heatsink.
I think the problem here is, the heat is not being REMOVED from the heatsink.
You said the CPU fan is running; are you sure it's spinning at full RPM ? Can you tell how much warm air it's moving? If it's only spinning at 1500 rpm or so, that's definitely not enough. I wonder if the fan (or the cpu's fan header) is defective? Intel would never release a setup that would overheat at stock...
I should also ask you, what voltage is the chip getting? even if it is at default, still check that. (Make sure the chip isn't getting rediculously high voltages like 1.55 ......)
As far as cooling, I'm not sure, but I would contact Thermalright and see if their XP-90 will fit on your motherboard (might require some sort of adapter).. XP-90 and a 92mm Tornado fan plus some Arctic Silver 5 is pretty much the best thing you can get.
(XP-120 is bigger, but due to the fan being larger, even a Delta, actually doesn't perform quite as well as an XP90 with a tornado)--this may be in part due to larger fans having a larger deadzone...)