Hi, I just installed Phenom 940 with ARCTIC COOLING Freezer 64 Pro 92mm CPU Cooler and Arctic Silver 5 grease along with Asus Crosshair mobo (no OC, everything auto). I got Lian-Li case with 2 x 120mm case fans.

Check temperature with CoreTemp and bios temp, both telling me 70C (scary).
System is very stable, running overnight, play games with max setting.

Now the weird thing is that even when I overclock to 3.5GHz, CoreTemp still telling me around 70C.

Max. operating temp for the 940 is 62c.

Why are you running your comp overnight?
I can never understand why people do this unless they're folding or something.
Besides running up your electric bill, you're prematurely aging your hardware.

If the actual temp is 70c, then you have a major heat problem.
My guess is that 2 x 120mm case fans is not providing adequate case airflow.
I suggest removing your side panel and see if it helps to lower your temps.

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Phenom II X6 1100T B.E.@ 4.26GHz
Corsair H70 Core Hydro
ASUS Crosshair V Formula
2x4GB G.Skill RipjawsX@ 1894MHz, 9-10-9-28
SLI: 2x EVGA GTX 570's@ 902/1804/2032
Creative SB X-Fi Xtreme Gamer
Corsair HX850W Modular
Cooler Master HAF 922
2x Win 7 Home Premium (x64)

Reseat HSF and reapply thermal compound if you haven't already. Try using the stock HSF unit instead of your 3rd party one, see if it makes a difference. Update motherboard BIOS to make sure your CPU is not being overvolted for some reason.

If it's still 70C+, then RMA it.

or test the processor in other board if you have the chance lol...