I found this thread by typing Pentium 4 "100 degrees celsius" in to Google, and found chris's story which is virtually identical to mine. My P4 3ghz has also been idling at 98-100 degrees CELSIUS for ages now. In fact, ever since I built this system 3 years ago, it's always overheated because I never could apply the right amount of paste. From when I built it new, it was idling at about 85 degrees C and reaching over 100 under load until about a year ago when I reapplied the thermal grease (from the SAME sachet as I had originally used 2 years previously! Hardly fresh!). After that it run even hotter but I just couldn't be bothered to try and fix it again and just left it. By that time new CPUs were so cheap on eBay...
They are certainly good at taking the heat and abuse. But the performance has become annoyingly sluggish (never any crashes though). I'm just going to nip out now and get some more thermal paste, then overclock it for the first time (straight to 30% I think).