ASUS MB P4S800 Questions

I have a couple of questions about the board
- or more accurately the BIOS.

When I boot up (homebuilt PC) I egt hardware errors.
I had to 'ignore' VCORE and '+12V Voltage'
to get past that point.

Obviously I would rather fix the problem than turn a blind
eye and tell it to 'shut up'.

The Hardware monitor states:

MB Temperature 42 C/107.5 F
CPU Temperature 48 C/118 F

CPU Fan Speed 4017 RPM
Chassis Fan Speed N/A

VCORE Voltage 1.56V (RED)
+3.3 V Voltage 3.24V
+5 V Voltage 5.02V
+12 V Volltage 11.64V (RED)

I have four questions

1) I can understand the logic reporting the CPU and MB temp.
but...
What is a 'good' temp?
What is a 'not-so-good' temp?
What is a bad temp?
Reporting the temp is of no use without a point of reference.
Have I missed something?

2) I am presuming here that 'RED' is bad (+12V and VCORE are 'red')
The MB guide does not mention colours.
Logic says anything coloured red would be a 'warning' sign.
Am I right?

If I am right.

3) What can I do to fix this voltage issue?
My Case has a P4 rated power supply and is brand new.
Where do I start?
The MB guide recomends:
'keeping the default setting to allow the system to automatically
determine the appropriate CPU core voltage"
I do have it set to auto.and the bios reports the CPU Core @ 1.5625V
Why is this bad?

P.S. My CPU is an:
Intel Pentium 4 Processor 3.20 GHz 1.55V Max
System Bus 800MHz, 512KB L2-Cache, PGA-478 Pkg

(Whatever the hell that all mean)