Are you running OS X? Did you update the Firmware before installing OS X?
I have an iMac DV 400MHz, and when I upgraded from OS 9 to 10.1.5, I would get the monitor flaking out on me frequently. It would go dark and red, or dark and blue, or dark and green. I'd have to power it all the way off, then turn it on again and hope for the best. When it did come on properly, I'd never turn it off again if I could at all help it.
I thought my monitor or video board had died, but it turned out it was actually just that the firmware was not up to the latest level.
-Stephanie