My processor is a p4 3.06 ghz and is only running at 1.6 ghz and i dont think ht is enabled and i don't have any options in bios to turn on ht how do i know if it is turned on or not.

I tried this, go in bios and in setting option i select set optimal defalt setting and now it is showing two processor. Sorry about the cut off I hit the wrong button I did go and take a closer look into the matter and one person had tried this info above select optimal default setting in the BIOS. He is now reading the right speed. I hope this assisted you. Again sorry I hit the wrong button. John

Did the restart and bios clear get you into the BIOS maintenance mode to enable HT and reset the CPU speed ?

If that did not work i would be thinking that it may be worth checking the CPU itself to make sure it was not swapped out.

OR
the thermal compuond may want a re-do as it is possible its running lower speed for a thermal issue