Check to make sure the fan is working on the card. Blow the dust out with some compressed air.
How is the cooling in your case? The system should run cooler with the cover on.
Set a small house fan blowing in the case and see if that helps. If it does you may either need more/better cooling in your case, or the fan on the video card may need replacing.
Sounds like the latter to me since it very hot to the touch. It should be fairly warm but not burning.
You need to take care of the problem though. Repeated overheating is going to kill the video card.
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