PC reboots when gaming, screen with black/green/brown color and static noise

Hi! I badly need help!
Since last week, my PC has been constantly rebooting whenever I play games which has high graphics requirements. I can usually play these games for hours but now, my PC won't last 20 minutes without restarting.

I thought this may be a temperature problem since my GPU reaches up to 62C when gaming and my CPU reaches up to 52C so I decided to add a fan but it didn't work. Tried removing the sidepanel still didn't work.

I updated my nvidia GTS450 driver and still didn't work. Tried reformatting my PC too but still didn't work. HELP PLEASE!
 
Sorry, I forgot to add these important info.

CPU: i5-2400 @3.10 GHz
Mobo: Gigabyte GA-H61M-DS2
RAM: Imation 4GB RAM/DDR3
GPU: Nvidia GeForce GTS 450
PSU: 550W
OS: Windows 7 Home Premium, 64bit

The event viewer says:
2e2fi3b.jpg

+ System
- EventData
BugcheckCode 278
BugcheckParameter1 0xfffffa8003c264e0
BugcheckParameter2 0xfffff880051a06ac
BugcheckParameter3 0xffffffffc000009a
BugcheckParameter4 0x4
SleepInProgress false
PowerButtonTimestamp 0

Added my minidump too
 

Attachments

The minidump is showing an issue with the Nvidia video driver, but from the symptoms, it sounds like a power supply issue
 
The minidump is showing an issue with the Nvidia video driver, but from the symptoms, it sounds like a power supply issue

Hi! thanks for the reply!
I thought something was fishy with the PSU too since it's a generic PSU. I'll try replacing it and see what happens. Do you recommend replacing the Graphics card too?
 
Just replace the power supply first. The minidump is the same as before. Graphics cards pull a lot of power from the system. Get a quality 650 watt replacement power supply
 
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