That is a bad temp reading of the NB. When I rand SpeedFan that same thing occured, readings of like 118c+. It's really a bad reading the temp of the NB, I found this out by running Sandra system monitor and when I compared the 2 temps, Sandra was reading the temp as being half as much so like SpeedFan=120c\Sandra=60. This also happened on my P5AD2-E and I did the same comparisons, except PC Wizard would also read a temp half as much as SpeedFan. However PC Wizard is unable to get a reading from this sensor on the P5WD2.
Edit: Forgot to tell you this, when this was occuring on my P5AD2-E, I got soo scared that my NB sink was mounted wrong and going to kill the board, that even though I had the NB sink on there with Arctic Alumina Epoxy, I still tried removing it to reseat it and in the process I cracked the NB and killed the board. This was before I knew frezzing the board would make this more plausable.