Macbook Pro 2011 Running Yosemite Hangs

Hello,

I was using my Macbook Pro last night without a problem and a blue screen with gray vertical lines popped up - I have not even been able to find a picture online of a similar experience. Nevertheless, after force shutting down the machine I wasn't able to get back in as it just hangs on the gray screen - the fans tend to run very loud and the machine is overheating.

I've tried: booting to Safe Mode, resetting the NVRAM, using the single user fsck prompt to check the disk (it said the disk was modified and after a couple of runs it said OK)- tried going into Recovery mode as well. All of these lead me to the same spot - I log in, status bar goes to about 30% and then the gray screen - sometimes as I mentioned earlier, the fans run very loud.

Disk Utility does not seem to work either. I've spent hours looking through community responses and nothing. Has anyone had a similar experience?

Does this sound like a hard drive or logic board problem?

Thanks in advance!