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Check the warranty - I recently got an acer lcd from a friend (purchased as package deal like a eMachine), he bought a new one, and found it was still under warranty. Try "Auto Reset" on the monitor setup panel, on monitor - not on computer. I forgot the proper name but one of the light emitting diodes might have gone bad which causes lines, streaks and blobs (same as on laptop screens).
If the compressor is running and it still doesn't cool, it is probably leaking freon. If this is a frostless model there are other minor things that can go wrong. This usually shows up on a freezer that has recently been moved or hasn't been used for a time. This is almost never worth fixing as even if you fix it you can't ever completely trust it again. The food inside is usually worth far more than the freezer and most homeowners insurance doesn't cover it anyway.
Unless you recently installed new video or monitor drivers, it sounds like either bad cabling to your computer (check the cables?) or the ribbon cable inside the LCD monitor has come unseated.
The unseated ribbon cable problem is more common if you recently moved the monitor or dropped it a bit. You can open the back of the LCD monitor (unplug it first of course) and check to make sure the signal ribbon is seated properly, this is a common problem.