Video card problems?

I'm working on a new build, and the display is giving me headaches. Sometimes when I boot the computer, the display is just fine. Other times, it looks more like this.

Yes, i know that the cpu temp is high, I've already reseated the cpu cooler, this produced no change in behavior. I've double and triple checked all the power connections, and all the fans are up and running, volts are good, looks like a good build, except for this graphic problem.

Any ideas what to look at or try? I'm thinking video card or monitor obviously, the monitor I'm already thinking of taking back for a better one, it is a bit flaky on text display, maybe it's just got bad electronics overall?

EDIT> Forgot to mention, there's also times when the monitor will report "Out of Range", which I'm taking to mean it's not receiving a good signal that it likes from the vid card.

System Specs:
Conroe E6600 Processor
eVGA 7900GTO
Kingston Value Ram PC4200 1GBx2
Antec Smartpower 2.0 500W
Asus P5B Deluxe Wi-fi Mobo
NEC DVD-RW Drive
WD 250GB SATA HD
Spectre x20g Naga III Monitor (1680x1050) with DVI connection
All components are stock, no O/C at all