For my E6420 Core 2 Duo processor, two of the clips that attach the heatsink to the mobo are broke, but I hung it in a way so the heatsink doesn't fall off. The temperature is 103 F idle and about 128 F during a VERY intense operation. What do you guys think about the risks of it going bad?

I read that at first and thought those were in Celsius. That would of been very toasty. But if those are in Fahrenheit, then that is not too hot. A bit on the hot side for my comfort level, but you should be ok.

Here is a huge thread about CPU temp. Before asking 'Is this too hot'

I wouldn't chance it. As a processor heats up the heat spreader, thermal paste and the air trapped in the thermal paste expand it minute amounts. Over time this action will separate your processor and heatsink until you start getting blue screens of death and the restarts. I'm sure you'll be able to find an OEM equivalent heatsink for very cheap if you look.

Make sure and get a screw-on heatsink and you wont have any more broken pegs. You can get one for about $10 from newegg or tigerdirect

Alright, I'll replace it.