Sorry to hear about all your issues with this board and your AMD 8350 processor. I'm not an AMD expert, but I have a few observations:
On one hand, we see BIOS version 2.30 has this in its description: Improve AM3+ FX-8350 and FX-8150 CPU compatibility. But if we check the CPU compatibility list, the 8350 processor is not among the entries. That might be a mistake, but the 8150 processor that does appear in the list, has been supported since BIOS version 1.40, released 9/28/2011. The last AMD processors added to the list are supported by BIOS version 2.20, and the latest BIOS version is 2.40, released 8/7/2013. Today is 9/20/2013, so it has been almost two years since support for AM3+ processor support was added to this board. In two years time, has no one at ASRock noticed the 8350 is not in the CPU support list, if it is meant to be in the list? Does this tell us anything?
Your Corsair memory, Corsair 4x4Gb DDR3 kit, model CMZ16GX3M4A1600C9, is not listed in the Memory Compatibility list. The only Corsair memory models at a speed of 1600 are 2GB and 1GB DIMMs. There a very few models of Corsair memory in the list whatsoever. In my experience, trying memory that is not in a compatibility list will usually result in failure, or partial compatibility. That may explain your memory issues.
In your observation, "The CPU seems to run ridiculously hot in the setup utility...", I assume you mean the BIOS? If so, at that point of a PC's startup process, none of the CPU power saving features are active, regardless of how long you are using the BIOS UI. Those features won't become active until Windows boots. So higher temperatures while in the BIOS is normal. How high they are is another story. If the CPU is OC'd, it will be operating at the OC frequency while in the BIOS.
AMD 8350's are known to run rather warm, and a CM Hyper 212+ does not seem to be up to the task. I have no idea what your CPU fan speed configuration is, but I know the fan used with that cooler has a top speed of 2000 RPM, so you might want to increase the speed setting, even if it is loud.
There is no excuse for C1E to be not working, it is essential for a hot running CPU like the 8350, unless you have exceptional CPU cooling.
The high fan speed when the board is in a "half dead state" is most likely caused by the fan speed control software no longer functioning, and the fan just runs at full speed.