Anything is "possible" when it comes to electronics, the question is what is the likelihood that this is actually happening? I personally think that the motherboard can't supply enough power to damage your graphics card even if there was a component failure.
Also as I keep re-iterating, typically when an electronic component is damaged by something (a surge or the wrong voltage) it is dead, and if it continues to function it will be in a minimal way.(fan still spinning but no monitor output, or monitor output but no stability in games, or tons of artifacts all the time)
If the GPU was damaged then I would say there's something like a 99% chance that you would not be able to get it to play games.
Inconsistent problems can be very difficult to track down, but if you are really determined there is always a cause.
Have you tried listening to the music while gaming? This should give you a good idea of whether or not the 5970 is creating any harmful interference. Perhaps they are mutually interfering, and the variable power draw of these components would explain why the condition does not always manifest. Try taking out the sound card to see if the colors are still washed out.
Edit: If it was the HDD then the problem would most likely be more consistent, if the issues come and go then I guess that's not likely to be the culprit.
Also you should have no fear of that motherboard damaging your components, unless there were different symptoms between the two motherboards. It sounds to me like all of your components are functioning the way they are designed, and that you are experiencing an incompatible combination. Are you sure that you have not installed any new drivers or updates recently?Edited by Subcutaneous - 4/17/12 at 4:21pm