Very slow response of M266A

Hi, I am having a problem with slow computer response. Here are the specs:
AsRock M266A rev.2.01
Socket 478, Intel® Pentium 4 / Celeron
- FSB 533/400MHz
Chipset: VIA® P4M266A, supports Hyper-Threading Technology
Graphics: Integrated ProSavage8 3D Graphic
- Memory Default 32MB
Audio: AC97 CODEC
- Channel 2 CH Audio
Memory: 1xDDR266, 1xDDR200

The computer performs way to slow, and when I used Hmonitor it showed high motherboard temperature 72 degrees of Celzius, while the CPU is stable at 32 degrees Celzius. I also used Speedfan and it showed the same results indicating motherboard temperature as T1=72 degr Celzius. The PSU fan does not blow hot air to indicate 72 degrees!!! This is my impression, and the motherboard does not feel so hot when touching it too!!
I tried fresh Windows Installation 2-3 times and updated drivers from AsRock and Windows Update Center, but it did not help. I also checket the memory and tried using single modules, and switched them too, but no help.
Your help is highly appreciated.

Did you actually touch the motherboard when you had the PC turned on, just checking to make sure you are not doing anything stupid.
Check the bios to see what temps it is saying. Do you have any case fans as this would help with cooling. Yup well that is all I can think of to help you out at the moment.

What is your CPU speed? How much RAM?

Yes, I touched the motherboard and no excessive noticeable heat observed; the BIOS temps show normal CPU temp (37-40 celzius).
CPU speed is 2.4 GHz,
RAM: 384 MB (-32MB of onboard VGA)
???
Thanks for suggestions.. I am still waiting for your help!

And yes, I forgot to mention, when I say slow I mean slow folder browsing, slow opening of applications (eg. MS Word, etc.), booting is not so slow except for the network icon on the taskbar showing about 1 minute later after everything boots up and letting me connect on the internet, poor video quality, etc. The overall PC performance has degraded. After thinking and seeing all this mess, I am thinking that the motherboard has gone defective. I don't know if I am right??..

what version of windows? if it's xp, I would recommend having 512mb minimum of ram

It's Windows XP. I have seen lots of PCs to run quite smoot with the configuration I mentioned above, which I cannot say for the PC we are talking about!!...

32MB of ram just isn't enough memory for XP. The minimum is 512MB and in reality if you want a smooth experience, and want to do a bit more than just surf the web you should have 1GB of memory.

Read above, 32MB is onboard VGA and not system RAM. System RAM is 386MB (minus 32MB that goes to VGA)

I Read This and i have the same mother board and i hadn't this problem but i solve it by updating Bios from 1.40 to 1.90 after update cpu temp. is 40 , 45 oC
And performance good..

I Read This and i have the same mother board and i hadn't this problem but i solve it by updating Bios from 1.40 to 1.90 after update cpu temp. is 40 , 45 oC
And performance good..

I Read This and i have the same mother board and i hadn't this problem but i solve it by updating Bios from 1.40 to 1.90 after update cpu temp. is 40 , 45 oC
And performance good..

maybe your motherboard heat sensor is defective