I've tried to reproduce the problem playing four movies at the same time from Safari, and couldn't hang the computer. Then, I was posting my recent tests and it freezed again.
This only proves that it's difficult to hang the iMac purposely.
The only thing I know so far is that my iMac only freezes if I connect to internet via wifi. If I disconnect the wifi, it works perfect for hours. That includes playing games and watching movies so I don't think it is a heat problem.
I don't know if it is a hardware or software problem but I would bet that it is not a heat problem.
By now I bet for the wifi problem until someone tell me otherwise.
Im running a GPU test at the moment - if it doesnt crash in the next 2 hours, im going agree with you
(in windows, disabled wifi running gpu stress test)