Sounds like that you are really on the verge of having it melt.
Ok. Nothing to worry. Get new thermal paste. The old one can oxidize over time. Preferably Arctic Silver. But really any Zalman made will do very nicely also. Reapply the paste to CPU and graphics card. And while the heatsinks are off you can clean them very good.
Secondly buy some quiet but efficient case fans. Depending on the case there are bound to be holes for the fans in your chassis. Usually 120mm hole is in the back. Put a fan blowing air OUT there.
Then if you have places for the fans in the side panel put fans there blowing air IN to the case.
The best and most quiet fans I've ever had are Noctua's fans. 6 years warranty on them. If you buy one of those the noise is not a problem. I can put my ear next to them and hear nothing.
Anyway. Those temps you are having are way too high.
I've got a core2duo having at burn 50C both cores 100%, and GPU 70C at under really heavy load.
Both are over-clocked so regardless of your CPU model or GPU model your max idle temps should be somewhere around 35C for CPU and 50-60C for GPU.
I looked inside the box and cleaned it. Im now running pc with one side off. It seems that the main fan and one other fan function properly, but there is one small abit fan that doesnt function. I guess I'll replace it. Thanks for the advice on paste and all. You all are very helpful. I'll take the pc to a mechanic in a week or so.