+1 ^ this happens when video cards have issues, usually when you push an overclock a bit too high. Sometimes it goes back to normal when the card is set to normal speeds, sometimes not. This can also happen when not overclocking, can just go bad. Any extra heat can cause this as well, not just overclocking. Fan went out for a while, things like that.
You may even see it normally in BIOS and safe mode, but when the video card starts using some advanced settings, the issue shows up.
I third the fried card call. I have seen some 8800s on craigslist for 50-60, so won't be too bad to replace unless you want to upgrade now.