Funny, now when I booted to BIOS the green distortions were gone. After about 20 minutes idle in BIOS CPU temp is 48 Deg. Celsius and mobo temps are @ 39 Deg. Celsius. The craphics card temps do not show up there, but it was running fine at 66-87 Deg. Celsius what I recall when I observed it a while ago.
Oh, btw, I had overclocks on my system when it crashed bad time. Graphics were 600 Mhz and 900 Mhz stock and I pulled them up to 750 Mhz and 1050 Mhz and it ran just fine for a long time with temps not peaking over 90 C. The CPU was at 2.65 Ghz with 1.550 Volts and RAM, HyperTransport etc. adjusted accordingly. This was a stable setup for a long time. I immediately dropped everything to stock settings when the problem occurred.
So, now I tried to go to windows regurarly, AND
it worked! No distortions anymore!

BUT I'm still too freaked out to run my system! What could've been the cause??
I even let it cool down totally for sure overnight and in the morning it did the same distortions!
My screen distorted differently a while ago but it was because of the loose DVI to VGA adapter. This time I triple-checked and pushed it while watching the screen and it was firm so it wasn't the cause.