The speed your referring to is the fan that's plugged into the CPU fan header. All this does is let the system know that there is a fan there.
BIOS temps are pretty inaccurate, but even so, 34*C isn't too bad. If your motherboard supports it (and most recent Socket A boards do), reading the temp from the on-die sensor on the CPU itself is much more accurate. Not all motherboards read both. The only one I've run across is the Soyo SY-KT600 Dragon Plus, but I'm sure there are others.