What is causing this Red Screen?

GhostPrime: Did you perform a clean install of the drivers?   When installing drivers, choose the 'Custom' section instead of standard, then click the box at the bottom that says Clean install.   When the option appears, select 'Clean install'. Note: This will remove your current driver and ask you to restart.  Upon restart the driver install will begin, once finished, it will ask you once more to restart.
  Also, you may want to try disabling FRAPS. It shouldn't cause this type of issue, either way, but just to cover all the bases.