Yeah, if those readings are correct then those are seriously dangerous temperatures and that CPU has probably already been damaged because of suffering that heat, which means needing to get a new one.
You will need to consider if you need a new CPU cooler, and at least if not then reapply a new layer of thermal paste. Make sure to completely clean both the heatsink and CPU of any current paste before applying a fresh new one, and make sure it's evenly coated with just a thin enough layer that you can't see through it. If you are unfamiliar with any of this and feel uncomfortable attempting it, ask a local PC shop or someone you know who is familiar with it to do it for you. Installing the CPU cooler is a fairly sensitive job, and doing it wrong can either cause temperature issues or break your CPU.
