thompsonm20,
This is certainly possible but there may still be hope.
Sometimes when systems overheat for a period of time the thermal compound cooks and looses it's ability to do it's job. It actually becomes like an insulator.
Before you give up try removing the heatsink, scraping off all of the old compound with a razor blade, cleaning with alcohol then reapplying the thermal compound to the CPU/Heatsink mating surface.
This has brought new life to systems for me and is worth a shot. Good luck.
-Fred