Sounds a bit bizarre, the chipset should get hot, but if the ICH is reaching anything above 65ºC the heatsink clearly isn't working properly. Try reseating it with new thermal paste (remember to clean the old stuff off first) and try that. If it still overheats have a look for a better heatsink, possibly a fan-assisted one.
If the heatsink is getting that hot, then the thermal paste is working (or it was before it got to 95C and started to burn away). There are lots of aftermarket heatsink/fan combos that can be used to cool these chips, check out newegg.com or frozencpu.com Is the board under warantee? If so, it might be a good idea to get it replaced. You should not be able to boil (or even get close to boiling) water with any part of your computer.
Just thought I'd qualify that one, you can, but only with the graphics card, and the core temperatures of a CPU. (Maximum safe temperatures being 95 and 85 for those respectively). The southbridge should not be 80ºC though. Is there any fan that blows in that direction? If not, perhaps you should consider one...
