Yes that's overheating... I've been having the same problem with almost the same type of graphics card. You might have to replace the fan... that's what I'm going to try lol... sucks doesn't it lol...
Yes, umm i had to add some Artic Silver to my laptop because of the same problems this guy...
My card has been having 'overheating' problems. One of the major things was 'wierd' lines/dots that seem to appear over an hour of gaming. I have taken the card apart with my friend and examined to see if the ventilation was ok, and added some Blue Silver to increase coolness. When we put it...