Try booting into the Safe Mode. Shut down the computer and then power it back up. Immediately after hearing the startup chime, hold down the shift key and continue to hold it until the gray Apple icon and a progress bar appear. The boot up is significantly slower than normal. This will reset some caches, forces a directory check, and disables all startup and login items, among other things. If the system operates normally, there may be 3rd party applications which are causing a problem. Try deleting/disabling the third party applications after a restart. For each disable/delete, you will need to restart if you don't do them all at once.
Safe Mode
Safe Mode - About
If you still get the gray screen, try booting into the Recovery Volume (command - R), run Disk Utility Repair Permissions and Verify disc. If you want to save a step, you can try reinstalling Mountain Lion on the internal drive. Otherwise, try booting into the normal mode before reinstalling.