It's been a few months now, and I've been unable to fix this issue.
Monitor is a Samsung SyncMaster 2220LM,
OS is Win 7 32b
In the image below, look just to the right of the checkerboard, the colors are 'spilling' to the right. It's most noticeable with high contrast colors.
After some research, I decided to buy a new VGA cable for the monitor, it helped, but the issue is still there.
From what I've gathered, it's mostly the age of the monitor and there's not much to be done; still if you know more than I do, I'd like to know if it can be fixed or if it's just better to start saving money for a new monitor, since this one is almost 5-6 years old now.
Also, after exchanging the cables, my monitor now doesn't have the option to go up to 1920x1080 like it used to, for some reason the maximum resolution is now 1600x1200. I would appreciate any help with this issue as well.