What happen when you hook this monitor up to other PC that has the video setting 1280 X 1024 60 Hz? Just ant to narrow down the problem before opening up the monitor. You may have logic problem in the logic board. If it does the same with other PC, then open it up and inpsect the inside for such thing as failed caps on the logic board or on the main power supply board, I think more likely to be ROM chip on the logic board is scrambled.
See typical failed monitors:
http://s807.photobucket.com/home/budm/allalbums
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