What is the usage of Thermal Paste?

Solution
Thermal paste doesn't(can't) control heat. It just enable better heat transfer to the heat sink. You can still fry a CPU with properly applied thermal paste.
I'm no expert yet, but as far as I understand from a mechanical engineering perspective you can think of the cpu and heatsink surfaces as solid and imperfect. When you place two solid and imperfect surfaces together they do not interface perfectly.

This would create small gaps between the surfaces that you could never actually see. The thermal paste acts to fill these gaps, letting heat get transferred more stably between the surfaces, creating a continuous path for heat to get transferred to heatpipe/waterblock.

So that means that the two primary properties of a thermal paste are how well it conducts heat itself, and how well it forms itself into the structure (Geometry vs conductivity)
 
It essentially fills in all the gaps and microscopic holes in the cpu and heat sink enabling better heat transfer between the cpu and the heat sink, and by allowing more heat to transfer, it makes the CPU stay cooler.
 
Thanks, but I don't need definitions. I know it enables better heat transfer, make gaps or whatever but tell me, will thermal paste control's CPU temperature on stress condition like gaming (means that thermal paste will not allow CPU temps to go higher too quickly on gaming and try to control the temps to remain lower).