The most common cause of this problem is faulty capacitors(electrolytic and SMD) . Take off the back cover and look for capacitors that are cracked, puffed at the top or leaky. SMDs should be tested using a multimeter with capacitance measurements. If it all sounds too complicated to you, take it to any standard electronics shop that sells components like ICs(like radioshack) and have them test the capacitors and replace them.
Failed TV and Monitors: http://s807.photobucket.com/home/budm/allalbums
http://en.wikipedia.org/wiki/Capacitor_plague
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Thanks for your suggestion. In fact the problem turned out to the PC's graphics card that had decided to turn up its toes. Graphics card plundered from another PC sorted the problem.
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