Well today i decided to give the reseating another chance and also decided to undervolt the processor to 1.1 V [as experimented by someone else having the same problem on Tom's Hardware forums]. It seems the mobo is overvolting the CPU, as now the cpu runs pretty stable

, i reduced the foltage to 1.1V [ which shows as 1.12V-1.15V]. The normal voltage as in the vicinity of 1.32-1.37V.
This brings me to some new queries:
1. is it safe to run the CPU undervolted? or do i need to underclock it as well for the sake of stability??
2. is the mobo to blame??
thanks for all the helps guys...much appreciated. Saved me a lot of time, effort and money which I would have wasted otherwise