I can't argue that these are terrible processors, but in this case I think I have to disagree that it's unsalvageable.
To start with, your fan configuration is wrong. Also, I think you meant C70, as there is no Corsair Vengeance G70.
Top case fans should NEVER be configured for intake, unless there is a radiator in play at that location.
Your front fans should ALWAYS be configured as intake fans and your top and rear fans should almost always, always if it's an air cooled configuration, be configured as exhaust fans.
All you are doing with that configuration is creating a hot, swirling mess into the case and creating massive turbulence. Dropping an extra hundred bucks, at least, is probably a foregone conclusion, however, let's see what can be done.
How many case fans, TOTAL, do you have right now? EXACTLY where are they located?
Even before THAT however, I think it would be wise to do THIS:
http://www.overclock.net/t/902756/amd-overclock-guide-for-newbs
Simply reverse the process (Underclock aka Downclock), setting the clock speed to FX-8350 speeds by adjusting the multiplier and voltage appropriately. There might still be lingering issues to deal with, certainly, because these are high leakage chips which are not very efficient, but at least turning it down to FX-8350 speeds will allow you to use the system since I'm fairly certain that whoever you purchased it from is unlikely to take it back once it's been setup and used. You can try though. There are certainly FAR better options to be had for a similar price if you bought this new and can return it. If not, then you'll have to deal with it by trying to either manage the problems by reducing the problems, or get yourself a VERY good motherboard and CPU cooler.
My way will be less expensive, but you will lose some performance. The other way will hopefully retain the stock performance, but will probably cost you around 200 bucks.
And before you do anything else, if you only have two fans in that case, you need to move one of them to the rear exhaust location next to the IO inputs, and move the other one to the front as an intake. Make sure the actual airflow orientation of the fans themselves is correct. Front should be sucking cooler ambient air INTO the case, rear (and top, when you get fans to go up top, which you WILL need to do) should be blowing hot air OUT of the case.