Do you want to show individual points, or do you want to show a large box?
Showing 50,000 points would be a lot, and it might be smart to use some cluster algorithm if you zoom out far, see http://openlayers.org/dev/examples/strategy-cluster-threshold.html
Adding a box would just be a matter of adding a Polygon to a Vector layer, see http://openlayers.org/dev/examples/boxes-vector.html
In your case, it could be something like:
var map = new OpenLayers.Map('map');
var ol_wms = new OpenLayers.Layer.WMS( "OpenLayers WMS",
"http://vmap0.tiles.osgeo.org/wms/vmap0?", {layers: 'basic'} );
var boxes = new OpenLayers.Layer.Vector( "Boxes" );
var center = OpenLayers.Geometry.Point(179.3333,65.5000);
var bounds = OpenLayers.Geometry.Polygon.createRegularPolygon(center, 0.3, 4, 0);
var box = new OpenLayers.Feature.Vector(bounds.toGeometry());
boxes.addFeatures(box);
map.addLayers([ol_wms, boxes]);
map.zoomToMaxExtent();
Then, figure out a way to define 100x100 kilometres (my 0.3 degrees will not do), and add a stylemap to the vector layer