When it goes pink, can you wiggle the VGA connector in the back and make it go away? If wiggling the connector doesn't work, try wiggling the cable. (Often, you'll get a short in the cable.)
If this fixes the problem, you should be able to replace the cable with another one and you'll be fine.
If this doesn't fix the issue, I'd suggest trying another monitor to confirm that the problem is not with the connector at your comptuer. (This isn't very likely, but its a good thing to rule out.)
If the cable isn't the issue and the connector at your comptuer isn't the issue, it is probably the monitor itself that is going bad. As cheap as monitors are nowdays, it'd be best, probably, to go out and get a new one.
Please let me know if this helps or if you have any other questions.
Sr. Network Engineer
A+, MCP, MCSE, 15 years of experience