MacBook Pro :: Screen Freezes And Computer Crashed

I have a 2.2 GHz MacBook Pro, one of the Santa Rosa models with the 8600M GT. It's run perfectly for nearly two years - up until about two weeks ago. Since then, it's experienced three pretty drastic system-wide crashes. Each time, the screen flashes white three times and freezes, requiring a hard reset - the mouse still moves, but the computer doesn't recognize any input. Curiously, each time I've reset, the computer has had an instant kernel panic at the white boot screen with the Apple logo, requiring another hard reset. After this it's booted fine.

Each time I've had a reasonable amount of stuff running - Safari with, say, 15 tabs, Quicksilver, Ableton Live 8, Newsfire, iTunes, iCal - but nothing excessive. I can't really make head or tail of the panic logs, but each of them seem similar, and all mention kernel extensions com.apple.NVDAResman and com.apple.iokit.IOGraphicsFamily repeatedly. I've also had a couple other occasions where vertical lines have flashed down the screen momentarily. Am I right in thinking this is all most likely related to the graphics card starting to die?