New development since Prohibtory symbol appeared

A few weeks ago I encountered an issue where upon start up my computer stopped loading and displayed the prohibitory symbol..

Re: International symbol for "Do Not" or "No" freezes on screen 5/8 of the way into a restart.

I followed the advice of leroydouglas and reinstalled my OS X by using OS X Recovery. That worked but the original issue resurfaced at least 4 more times. Yesterday the problem repeated itself once again and I performed the recovery procedure. This time however the process has not worlled and yeilded a new issue. The recovery all night and I awoke to find my computer screen filled withe blue and green veritcal stripes like Martha Steward had painted it. THe machine is now in a constant repetitious cycle of rebooting where the striped appear immediately, the Apple logo appears and a status bar shows loading. That bar gets a little past halfway and the screen goes grey then black and the machine restarts...over and over again.

Can anyone tell me what is going on?