is it on there correctly? If it is JUST on the cpu and the space on the heatsink where the CPU rests, then I would leave it, if your going to put some more on I would remove the old stuff with a cue tip and some water.
WAIT TILL IT DRIES before replacing the parts, and make sure it is BONE dry.
I think it is on correctly. It looks like the original stuff put on by AMD (both CPU and heatsink came in same box). So there is a small square of it on the CPU and then a 1" square of it on the heatsink with the missing patch in the middle where the CPU rested. Thanks again.
For paste such as Arctic Silver, it's generally recommended to wait 72 hours for the CPU die to 'fill in'
Remember folks: NEVER bother using a thermal pad and paste simultaneously, and if you got one of those crappy stock heatsinks, it's really better to just scrape off the 'chewing gum' pad, clean it off, and re-apply with some Arctic Silver - a large tube of the stuff doesn't cost very much, and many have reported better cooling from the stock cooler this way.
I would scrape the thermal tape off with a razor blade. then get off whats left over with some rubbing alcohol (isopropal). Reapply the new paste by taking a small portion on your finger and rubbing it into the die. Then take another small portion and rub it into the area the die will rest against the heat sink. This should help fill in any scraches or deformities in the heat sink and the die. The place another small portion on the die and spread it around so that you have a paper thin layer on the die of the cpu. Clip the heatsink back onto place and you should be good to go.