Allot of reading if you're willing, but it should help.
Proc isn't taking a 12X multiplier? Weird. Wonder if the temps reported by the motherboard are correct. Try running that Volcano at max and pushing a box fan up to the side of the opened case. See if that'll let you run 12X. If it does cooling is the prob.
I sinked the crap outa the board to get the results I saw.
Some recommendations:
Do you have the stock chipset heatsink on the board? If so get that thing off the board and replace it with something functional. At the very least take it off and check the thermal compound under it. The little smear Abit gave me was justa little bigger then a pencil eraser. The stock heat sink isn't something I'd call high grade at all though. I think they figured if someone was going to get serious with overclocking they'd replace it anyways, so no reason to put anything expensive on it.
Buy a couple packs of RAM sinks. They don't have to be expensive, the aluminum ones will do and put them on the motherboard MOSFETs and whatever other chips are getting hot. The MOSFETS above 2.2 Ghz can get hot enough to make you pull your hand back for fear of being burned. When they get to a high enough temp their power regulation capabilities aren't reliable and will cause proc freezes, restarts and glitches.
Add a 60 mm fan to actively cool these as necessary. There is a "how to" from the Overclockers.com sight showing how to easily do this. (It was done to the board you're using.)
The southbridge on the board and a few other chips get excessively at and above 200 Mhz. Sink them.
I haven't proven this one to work or not, but I saw someone found that actively cooling that back of the board with a 60 mm fan took a small amount of heat from the proc and cooled the components back there offering help with stability.
Is the RAM getting hot? Actively cool it and pump more voltage into it. (Maybe, this is at your discretion..)
The setup you have may take on a second breath if watercooled. It'll need to be a higher end rig probably homemade to offer major performance over what you have. The standard off the shelf 200 watt setup will probably only get you the same results you have except quieter.
Insure you're not using too much thermal compound and upgrade to Artic Silver if you haven't already (this is big if you're using a thermal pad). Too much can hurt you alittle. Remember, thermal compound and other soft thermal interfaces are only there to fill the gaps between the surfaces of the proc and the HSF where air would normally add thermal resistance. Themal compound it's self can add to thermal resistance if it completely isolates the proc from the HSF. That proc can and will put out several times the wattage per square inch a clothes iron will, so efficiency is key.
If you do decide to take the plunge into watercooling to max the proc out consider what hit in air flow the board will take from this. Even hot air from the proc can still cool hotter surfaces like the MOSFETS and the RAM. If you watercool these need to be actively cooled in order to max the board and proc out.
Lastly, look for patterns. I found that in my setup my processor had a magic temperature (42°C) at which it would fail when above 2.8 Ghz. I'm positive my proc has more in it, but my water system couldn't move enough heat through the waterblock. The gold plating on my blocks is great for corrosion control, but adds thermal resistance. So, to go
higher then 2.8 I'd have to go peltier or compressor. My system was only an overclocking project though so I wasn't willing to spend the extra cash plus put 300-400 more watts of heat into my room (it's war with the A/C as it is now with 3 other PC's running) and I needed an new cool running server board and proc, so I dropped it and went with the server.
Hope this helps.
Good luck. Keep us posted.
-edited as needed to fix human brain/computer interface glitches, most notably spelling and grammer.
-edited for extra reading and random info.
Here is a link to Corsair's house of help forums where "TheCleaner" and I first got our XP-M 2500's and NF7-S motherboards. Theres some random chatter in it, but allot of good info too. You can seach their sight with key word NF7-S and/or XP-M to see what others did. Yeah, I was a part of probably half of it, but I was having fun and others msg'd me requesting responses to a few of them.
Again, good luck, hope it helps.