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Immediately after quitting the game, the nVidia control panel showed the temperature as 68C, which doesn't strike me as that hot.
Checking the control panel temp after exiting the game is not a valid way to check.
I use a program called "RivaTuner" which will graph both the core and the outboard temperature of the Nvidia video card for me, over time. So I can run it in the background while the game is running, and when I exit, see a clear graph of the last five minutes or so of gameplay.
When you exit the game, the temperature literally SHOOTS down to normal levels, so fast that even if you were Alt+tabbing to the windows display control panel, you wouldn't get a proper idea of where the temp was during the game.
Anyway, have a google for RivaTuner and see what your card is really doing.
About the graphics corruption: This is definitely vertexes being corrupted by RAM errors. That failure might very well be heat-induced. However, know this: I've run my Nvidia GeForce 6800 GT with the core temperature at or near 100 degrees centigrade for extended periods, with no ill effects. (Of all the games I've got, Far Cry seems to be the game that makes it the hottest.)