My computer keeps freezing and monitor randomly blacks out

I just rebuild my pc and finally thought I got everything updated after 2 months but not it started to freeze for 8-10 seconds at a time. Sometimes after a freeze my mouse cursor to something that looks like a 16-bit colors. It will also randomly turn my monitor off normally when an install or antispyware acceptance pops up and when you hit yes it blacks out, then says no info detected.
What could be causing this trouble? I am using Win7 professional 64-bit

my hardware:

MB: ASUS P8Z77-v pro
CPU: Intel i7-3770K
GPU: Nvidia GTX 560 TI
RAM: 2x8gb Corsair Vengance
PSU: 500W 80PLUS Bronze

Not sure if this could be part of the problem but my mobo wont install its USB controller drive, going to the website and manually updating wont work it just says its still not updated.
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More about computer freezing monitor randomly blacks
  1. I have already done the memory test and windows recovery check to see if one of those were the problem. I know when I installed the CPU that i added a lot of thermal paste, could this be the problem or more likely that the cpu would fry if the paste got into the prongs?
  2. So still looking for some insight on this. Like I said the hard drive is from my old build. I know that when i screwed in my mobo that some of the screws were random ones not the generic screws, had to find some random ones. Could this be a reason for freezing or could I have missed a cord plug to the mobo or GPU and it just freezes when multitasking? please anyone that can even give me ideas, can't find anyone with this issue that has already flashed the bios.
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