Well one way to help determine if it is the lcd or not would be to use an external monitor. Have it using both the external and built in lcd and then see if it happens. If/when it does see if just the internal LCD goes out or if both do. If both do then you are looking at either graphic drivers (but you did say you had upgraded them) or possible hardware failure. If just the LCD goes then you are looking at the LCD itself.
Now since it is 5 years old I assume it is not under warranty, I really hope it is software and I would do everything to solve it before you scrap it. Another option would be to boot to a live CD, maybe like ubuntu, and run that off of the cd for a bit, see if it happens there. If it does then you can be certain of hardware failure, if not then software, which means doing a driver clean and reinstall of drivers and if you have to a full wipe and reinstall of the OS.
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