Laptop Screen Turns Blue&White and I have to restart the system

Hello,
I've recently been having problems with my Inspiron 1501 laptop and I am not sure what is wrong with it. The computer is about 4.5 years old and this is the first problem I have had with it. I will be using the computer, most recently typing a paper, and the screen will just go to Blue and White stripes and will not respond to Ctrl+alt+delete and the only thing I can do it turn the computer off, let it sit and then turn it back on. When I turn it back on, it recognizes that the system was not shut off properly and suggest going into Safe Mode first before going into the regular mode. I was just wondering what the problem might be. Is it time to purchase a new computer? I am a student and I don't really want to look into a new computer, but I am more afraid of something happening during a big project and don't want to risk my computer giving out on my then.

Open Event Viewer

Event Viewer is an advanced tool that displays detailed information about significant events on your computer. It can be helpful when troubleshooting problems and errors with Windows and other programs.

Open Event Viewer by clicking the Start button Picture of the Start button, clicking Control Panel, clicking System and Maintenance, clicking Administrative Tools, and then double-clicking Event Viewer.‌ Administrator permission required If you are prompted for an administrator password or confirmation, type the password or provide confirmation.

Note
Note
Here's another way to open Event Viewer: Click the Start button Picture of the Start button. In the Search box, type Event Viewer, and then, in the list of results, double-click Event Viewer.