Thanks a lot for the input guys.
First off, I should have pointed out that I have a "Troubleshooting Account" with default Mountain Lion settings. The issue does not persist there.
Additionally, the issue began occurring after I did a full system cleanup using Onyx (I used some options that I don't normally, which I'm convinced to a certain extent may have caused the issue). Unfortunately I haven't used Time Machine in about a month so a restore isn't an option.
T'hain -- based on the Troubleshooting Account working fine I would conclude that it's a software issue and not related to my video card. I have a MBP with Retina Display 15'' and I purchased it less than a year ago so I would hope that the Intel HD video card isn't deteriorating yet.
Nermal -- I booted into the recovery system and repaired/verified disks and performed disk permissions to no avail once I log in to my personal account. However the issue does not persist in recovery mode.
Gwang -- I did try zapping my PRAM. Is SMC another process or are they done simultaneously? I was unable to find a separate process through my Google search. I also tried removing my startup programs from Users & Groups in System Preferences one by one, unfortunately to no avail.
Do you guys think I might have to reinstall Mountain Lion? I could consider this an opportunity to try out the Mavericks Developer Preview? Or is that a bad idea? Thanks again guys. I really appreciate it.