Is that the reading for the whole computer by using something like a kill-a-watt?Any tips for reducing power consumption on this chip? I've underclocked it to 133x12 and turned off HT. It still drew about 120w. Turning off the cores didn't make much difference.
It's hard to tell if that is bad or not. We need more info.
Make sure the bios is set up correctly. You may want to load defaults, save, exit, and then go back in and check things again. Make sure power saving features are all enabled. Do not increase voltages. I don't think shutting off hyperthreading will save you much so I would leave it enabled.
Do not use an older power hungry video card. The Radeon 4870 for example did not idle down and save power when not being used in games. Any gaming card from around that rough time frame was a power hog. If you aren't gaming but using it as a server get a newer, but low end card for basic video.
If you can, use a more efficient power supply also. If you have something really old it's efficiency will not be that great.
I am typing this from a i7 920 C0 machine that is overclocked right now and it's at around 105 watts idling. The video card is a V3900 Firepro, which is basically a 6570, so a low end Radeon which doesn't pull much power. The power saving features are enabled. It isn't overclocked a lot, just 166 BLCK at stock voltage. The power supply may be 80+ rated, but it's not high end.
Your machine should be able to do a bit better now that I think about it more. Just check what I said above and you should be able to improve a little.