So I've been dealing with an issue that has the same result...essential at some point Mountain Lion becomes totally unresponsive and freezes up with the only the point animation functioning.
What I've found is that it gets triggered by pretty much anything that puts a load on the graphics processing i.e. video playback streaming and local playback, games (i.e. Starcraft 2), etc.. Essentially you'll running your video or game for a time (seems to be random) and the system locks up. In my specific instance the freezing can be triggered sooner the more I tax any portion of the graphics system.
Based on the activity monitor no single process/application takes up a significant amount of CPU or RAM before the freeze occurs. Essentially one application becomes no responsive and it continues to every application you attempt to switch to or interact with.
I've cleared the local and system library cache, forced a reset of the PMU and didn't see any unexpected extensions running on my OS. As of this writting I have not found a good reason for this lock up other than a prossible issue with the OS layer that handles any of the extra rendering. It almost looks like some weird dead lock scenario that has a direct tie with what ever window manager service/application that mountain lion runs.
I should mention prior to this weekend I've been running mountain lion since release in a very stable configuration on a MacMini mid 2011 (core i7) with an SSD and 8GB of RAM. The only software updates that I'm aware of that could have impacted this an update to parallels 7 but these crashes occur with out parallels running.
I've been trying to execute a sysdiagnose instruction to execute when I notice the issue but by that time the system is no longer accepting instructions. For the time being I can't spend any more time attempting to resolve this issue and plan to work on back up laptop, but I'd like to know if anyone has any suggesions about either collectiong information about this issue or possible solution fixes. FYI I haven't tried a clean re-install and would perfer not to have to go with that option without assuances that the issue is installation based and not systemic to the current release build.