most times it may be a heat issue. try runing msi afterburner and make sure the gpu fan is spinning up to handle the heat load.
on the mb make sure your running the newest bios that has all of the bios patches.
P8Z77-V LX BIOS 1603
open you case make sure there nothing eating the mb...dust bunnies love motherboards...make sure all the fan are moving.
if you have a small case it may be lack of airflow...try running the pc with the side off see if it helps.
last would be a power supply that going bad under load...rippling out or gpu chip that failing.
I never updated my bios and never had problem with it anyway.. And its not about heat also since ligth games like Gunz wil also result to a bleu screen..