Odd red and black "flickering" in BLender UI

This is an odd recurring thing that keeps happening to me in Blender, but only Blender under Windows. I have Macs as well an this doesnt happen.

Anyways, a lot of the time, when I click or roll over menu items, the viewport turns black, and any objects in my scene are rendered in an odd red wireframe mode. If I click it just flickers on and off quickly. If I roll over menu items it says that way until my cursor moves back into the viewport. This was happening in Blender 2.47, but I just updated to 2.48 and it’s still occuring.

Is this some sort of “feature”, or is it a bug in Blender, or does BLender just (unlikely) hate both my graphics cards (Nvidia Quadro NVS 135m and an ATI Radeon x1300 Pro).

Heres a video I captured to show the issue in action. There was a lot more flicker then the video shows, it just recorded @ a low FPS and missed some of them:

Its actually pretty annoying when you’re in the middle of something, so my PC’s are pretty much useless for Blender until I figure this out. If anyone has any ideas, please, by all means…