Acer laptop issue.

Hello
I have an Acer 5002WMLi laptop.
I don't like it at all, but I am stuck with it.
Here is the scenario of what it is doing.
About 1 month ago, it started really getting hot on the bottom. It has always been this way, but unusually lately. The transformer was getting so hot, it almost burn you fingers when you went to move it. Also the laptop bottom got so hot, it needed to be on top of something when being used or it would start to kinda burn your legs. I noticed one night that it was blowing unusually hot air out of the fan area.
Now it is not working properly. It will not boot sometimes. Almost as if when I turn the power on, it does not show the screen at all and sometimes acts like it is not on at all, except the green light is on.
When I do get it to boot, it will go through the process, then lock up the screen in a lines fashion or columns of whole colors. If my log in screen is blue, the screen will be locked up in different shades columns of blue.
The laptop barely ever makes it through the windows xp load and when it does it is guarnateed to lock up after a couple of minutes of use. Sometimes I will need to keep rebooting it over and over again, just to get to where the XP loads.
Somehow I think the hot air fried my motherboard, processor or some internal part. It could be the video card. I have no idea. Does anyone on this site have any idea what is causing the laptop to die!
Thanks