Graphical Glitch - Stretched Textures

I have been continually plagued by graphical glitches. I've tried every combination of drivers, various settings on OptiFine, settings on the Control Center, but nothing has solved the issue. I've googled and tried about every solution I could find. It doesn't matter what texture pack I use, whether fullscreen or windowed, or whatever. After a few minutes of playing on any server or single player world, I will begin to get these annoying stretched texture graphics that cover parts or all of the screen, as well as "xray" holes in the floors and walls:

Specs / Info:

• Windows 7 64-bit
• i5-2500 / 8GB ram
• ATI Radeon HD 5670 (Latest Driver - version 9.2.0.0, Anti-Aliasing = application defined)
• Java 1.7 64-bit
• MineCraft 1.4.2 + OptiFine

Any ideas or input would be greatly appreciated!

Solution 1:

I usually don't have this affect when installing mods like Optifine, however sometimes they just fail to completely install.

It's a longshot but perhaps utilising a texture pack will fix the problem.

Otherwise try reinstalling Minecraft and the mods - remove all files under .minecraft from %APPDATA%, just remember to copy over your saves. Once Minecraft has downloaded all the files it needs, re-install your mods.