Thanks for responding Dave. I haven't bled my coolant yet... on Thursday I ordered a few parts for my car. The parts include a new radiator cap (maybe the old one doesn't hold pressure anymore), a new reservoir cap (cracked), the hose inside the reservoir tank, the hose leading from the radiator to the reservoir, and the joint that attatches both hoses mentioned above together...

I noticed today that the reservoir cap is cracked... would this explain why the reservoir cap is always wet when I open the hood? And that water is always spilled all around that area? Could this be the problem??

Also, the radiator fans are functioning correctly. Once the car is at operating temperature, they do turn on fine. When you say pin the throttle, do you mean tapping it a little?
Well when I get the parts in sometime next week, I'm going to replace them while flushing out the existing water in the radiator and filling it up with 50/50 mix coolant. Hopefully this fixes my culprit.