There is a blue rectangular box in the middle of the screen that reads "Out of Range" Otherwise the monitor is working fine. It's just this dead space in the center

It is telling you that the PC video resolution is too high for this monitor, unless there is problem inside, you should set the resolution to the native resolution of the monitor.

http://www.fixya.com/support/r4873371-fixing_out_range_format_not_supported

Please leave rating if it helps.

Basic LCD monitor and TV troubleshooting guide:
http://www.fixya.com/support/r5093881-lcd_flat_panel_tv_troubleshooting_guide
http://www.fixya.com/support/r6150077-basic_lcd_monitors_troubleshooting
http://www.fixya.com/support/r7406380-tv_training_manuals
Failed TV and Monitors: http://s807.photobucket.com/albums/yy352/budm
Learn about bad caps: http://en.wikipedia.org/wiki/Capacitor_plague
Parts: www.shopjimmy.com
Capacitors kit: http://lcdalternatives.auctivacommerce.com/Default.aspx he can make you a set of caps.
Or www.digikey.com, just make sure to use caps with low ESR, 105c, high ripple current and long life rating such as PANASONIC FM or FC series.