its called artifacting - reasons can be an overheating GPU, damaged GPU chip, dust clogged up in heatsink causing overheating...and ofcourse theres the usual - hardware is dieing.
What you can try first hand is to boot up in safe mode, remove the old video driver and restart.
If the videocard is not properly recognized download the latest valid drivers for your card and see if the problem persists.
If the above fails then run to your local hardware store and purchase a new video card.