If your CPU heatsink is only warm/lukewarm, then it is not making a good contact with the processor. it's tricky to mount it without the washers, you have the make sure the processor is nice and flat. An extremely common cause is over-tightening, especially if it is skewed. You then have this rectangle generating heat, but all the pressure is on one corner and the heat can not dissipate quickly enough, eventually running you up to the 2 red lights; the fans getting faster and faster.
What i found is that if you remove the mobo, set it on a flat surface such as a table (balance it so that the mobo rests on the cpu heatsink and is straight) unscrew your 4 screws and pull the board straight up off the heatsink, you can then look at the die and if done correctly, you should be able to see a pattern of how spread the thermal paste was. if one corner is more bald than the others, that means the heatsink was only putting pressure on that corner.
As all tuts will say, you only want these screws "fingernail tight" I use a precision screwdriver, holding it with practically no grip, and wait until it starts to slip in my finger. pretty loose. afterwards, to make sure it's not too loose, make sure the heatsink will not easily move/slide.