Need help: No display - Graphics card ATI HD 5470 on Studio 1558 Laptop

Studio 1558 bought in 2010 from dell. Motherboard & power cord replaced ( due to constant over heating) by Dell in 2011 during warranty and again in 2012 out of warranty.

I suspect the motherboard they fixed was refurbished. All subsequent extended warranty has expired on May 2014.

In June 2014, for the first time error came - Graphics card is taking longer than expected to respond and screen started to freeze or blank out, while audio kept playing. It is a simple home laptop with hardly 1-2 hours of use on a daily basis. No serious gaming or anything. Just used by a kid to do homework etc.

Laptop is updated completely and on auto update.

I recently did 2 things about 15 days back:

1. Somehow got to safe mode and ran diagnostic tests - passed all tests except VIDEO TESTS - Error code is 5300:0119

2. Updated BIOS and updated driver for ATI Radeon 5470 Graphics Card. After doing this it works for another 5 days or so.

After 5 days of BIOS and Driver update - the screen became in thick pink bands and pixelated. Now the screen is completely dead and when I start the laptop, we can feel the fan is starting etc. but there is no display at all.

This forum is full of the same complaints of Stuid 1558 with Radeon graphics card onboard. What does this forum suggest I do? any clue what the problem is based on the error code:  Error code is 5300:0119

Thanks all...