Help! Video Problem..Can't figure it out

[boredomHD]

My bedroom player is one of the Wal-Mart Magnavox NB530MGX, and I've owned it for about a year. The video played perfectly until a few weeks ago. Now when I play any blu-ray movie (DVDs still work perfectly in the player) there will be a pink line with little squares in the screen every once in a while, or the picture will become mixed up and conglomerated for a few seconds, or the picture will turn into a bunch of little squares in certain areas and sometimes change color. It does this randomly throughout the movie, but it is not a constant thing. I thought maybe it was the HDMI output, so I tried using a component cable, but the same thing occurs. I don't really know what to do because I don't know that much about how a blu-ray player works, etc. I would just like to try to fix it. I would appreciate any help I can get. I did recently install the lastest firmware via CD, and my player acted weird when doing so. I reinstalled the same firmware again, and this time the proccess was normal and successful, but I still have the same problem. However, before I got this latest firmware, I never had any of the video issues. Could that new firmware be contributing to the problem?

This isn't a problem with my television, for everything else works perfectly. It could have something to do with the blu-ray player's settings, although my tv is 720p and the blu-ray player's output is also set to 720p.