Restoring the default configuration is unlikely to cure any problem, with the exception of BIOS misconfiguration due to tweaking gone bad. The defaults are more of a starting point for the mobo and integrated peripherals that should allow an operating system to be installed with a minimum of errors. Many system builders only use the defaults for OS installation, and then tweak the BIOS settings for optimal performance for the particular finished machine.
My point is that the alarm you're experiencing doesn't indicate a misconfiguration. It indicates a problem with a particular piece of hardware. Some errors cause the machine to fail POST (Power-On Self Test), and you'll be left staring at a BIOS screen. Others allow the machine to boot, but save the information to a log. Others provide that information to the OS but require that special software available from the mobo manufacturer be installed to access it. But in all cases, an alarm strongly suggests a problem that, if not addressed, will eventually damage your computer and/or cause data loss.
So again, the best thing to do is turn off the computer and use another one to get on the manufacturer's Web site (or the motherboard manufacturer's Web site) and find out if the code has a specific meaning. A riskier approach (because it means starting the computer in its damaged state) is to get back into BIOS and look for a section called Hardware Monitor (or System Monitor, System Health, or something along those lines).
If you choose the second option, report exactly what the Hardware Monitor says, line by line. Also look for something called S.M.A.R.T. and see what it has to say, although it may only tell you "enabled" or "disabled."
The most common causes for alarms that still allow the machine to POST and boot to the OS are temperature-related, such as a bad fan (or something else, like schmutz in a heat sink) that's causing something to overheat; power supply voltages that are out of range; or a failing hard drive. There are also other possibilities, such as the failure of some integrated peripheral or another.
Most of the problems that cause alarms can be fixed inexpensively if addressed immediately, or can ruin your computer if ignored. Fans are cheap and canned air is cheap, and one or the other will solve about three-quarters of these problems. But if it is a heat-related problem and you don't address it promptly, then the chances are that whatever component that's not being cooled properly will be damaged.
That damage may or may not show up immediately; it may die altogether and cause the computer not to boot, or it may only affect the component when its under heavy load. But one way or another, excess heat will eventually damage an electronic component.
It's also possible that your monitoring problem is just that: a monitoring problem. For example, the Hardware Monitor may report zero RPM on a fan that's spinning just fine. In that case, either there's a loose connection to the fan, the fan's speed sensor is shot, or (least likely) there's a problem on the mobo that's preventing it from reading the RPM correctly. Checking the connection is the first thing to do. If that doesn't work, change the fan, even though it's spinning properly. If it's a CPU or chipset fan, you may want to call a pro. If you want to change a CPU or chipset cooler yourself, this page about
installing a CPU cooler may be helpful.
But again, don't ignore the alarm. It's telling you that the motherboard's onboard diagnostics have detected something wrong that may have the potential to ruin your computer.
-Rich