Do what I did and put a huge fan on the side..one that you can put in any window to keep a room cool...then take off the side panels on you comp. you will see 10-15F drop right off....
But it's not working is it? I mean look at your soaring temperature ! That is unless you are quoting the temp in Farenheit*. CPU temps are usually expressed in Celsius.
Maybe the heatsink isn't sitting down and bedding properly.
One thing you can try is to get the CPU working hard so it's quite hot, then GENTLY rotate the heatsink back and forth one or two degrees a few times to help the heatsink "bed" into the Heat transfer compound. This will only work if the heatsink is fitted properly.
If that doesn't work then I would seriously think about removing the heatsink and re-bedding it with some new compound.
If that doesn't work, I would try for a replacement CPU, as your temp is abnormally high and your CPU probably won't last long.
EDIT: It's probably a good idea to contact the supplier first if it's still under warranty, in case they won't honour the warranty if you fiddle with it.