Well I put everything together with the old processor and the new MOBO.
IT works fine!
Although it sounds like a garbage disposal is running in my office.
I definetly had a bad mobo. Someone pointed me to http://www.badcaps.com
and I confirmed that some of my capacitors had swelled and blown.
Plus now, since I have the heatsink on the right way, it looks like my temps are pretty good (I dont remember what they are at the moment and I am at work now). I even slowed the fan down without a noticable increase in temps. I will have to test this much more before I come to any conclusions though.
I noticed that when I slowed the CPU fan down there was another noise maker in my system. My DiamondMax HDD was whinning like a baby with a wet diaper. I could not believe how loud it was.
I am going to replace it with another drive that I have. I dont even want to attempt to quite this thing down. It sounds like there might be a serious problem with it. Come to think of it now, I do remember hearing a grinding sound several years ago, but didnt think much of it since everything still worked at the time. And it has stopped grinding.