I just got a new ASrock Z77 Pro4 and an 3750k. I'm just starting to push it, I'm water cooling the chip as well.

I started out at 4.5 with an offset of .060, disabled all C states and speedstep. But regardless I keep throttling down to 3.4ghz and the temps immediately drop 10 degrees for a while then jump back up to the screen shot below for 20-30 seconds and throttles back.

What am I missing? Do I need to disabled thermal throttling? Are my temps not reporting right and chip is protecting itself? Just seems odd to be throttling so quickly.

Screenies below: