Without a doubt it is the video processor. I'm almost certain it is the Nvidia equipped model. I've repaired three of these successfully. I've seen offers to repair them for $125. I'm not in business to do them, we have about 25 of them at work and I fix them as a value-added service to my company, which they appreciate. Repairing them is not for the average person to attempt. Many things can get broken taking them apart. Lots of screws of varying length that all must go back where the come from. I'm very familiar with component level repair (not board swapping, fixing what's wrong on them) having done this professionally since 1978. They run Windows 7 very well if updated with BIOS version A17, have a good hard drive and 4 gigs of RAM (3.5 gb available under 32 bit ver, the full 4 gig under the 64 bit version. Someone wrote that they don't run Windows 7 and I'm afraid that person is FOS. Probably worth fixing IF the case isn't cracked, battery is good, and screen isn't damaged. It's hard to chunk something that needs one hour of work to restore, most often without parts! Also sounds like your battery could be just about dead.
The first link is to the troubleshoot part of the user guide. Look for your symptoms in there and try the fix. The first video is one I made on how to take the projector apart. The second video is one I made showing how I fixed a fan failure.
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