I bought a asus motherboard that come with Ai Booster...and a P4 641\3.2Ghz cpu...i overclock it 115% the cpu temp read at 20c and system temp at 47c...is that bad or good?

There's a sticky on what's accepted temperatures. Its very well written, and you don't have to sift through it.

so your saying i shouldn't worry?

no worries, 40s is good. Especially if thats at load.

What matters is the max temp (when at load), not the temp at startup. I can show you guys subzero temps at startup by stuffing my comp in a freezer.....

CPU @ 20C is VERY good. Is that idle or under load?

load...idle is at 13

I can't help but think that that's a wrong reading. I've got my CPU reading at -16C before (yes, thats at below freezing with aircooling), and I can get that reading out again anytime....

I wouldn't trust it. Unless of course your ambient (or room temp) is at 10C or something. Your CPU temp reading can NEVER go below room temp even with watercooling (you might get 1C below due to calibration problems).

Either way, if you're not crashing in the middle of something, temp is probably not a worry for you.