Ok, the things that should fix this problem, or at least impact it are:
1) V-sync: It should be enabled (NOTE: If V-Sync is truly enabled it will be improbable that you get frame rates higher than your monitor refresh rate).
2) Frame Rate Cap: Check this box if the above does not fix it
3) Check Fast-Writes in the system BIOS rom. Toggle it the opposite direction from what it is set to (Enabled/Disabled).
4) Set your AGP bus speed to a slower value.
Those are things that could effect the frame buffer and how data moves to it.
Now, if you are over-clocking anything, set everything back to normal. Over-clocking will add problems to doing the above, so you may want to start there first.
If you are using some video tweaker, that likes to stay resident, then disable it as well.
If you have a VIA based motherboard, make sure you have the latest 4-in-1 drivers.
For late generation (GF3 or later) NVidia cards, you should be running 30.82 (30.83??) drivers, as the 40.xx drivers have serveral bugs in them that will create artifacts in the graphics.
Make sure you have the latest BIOS rom for your motherboard. There are some video issues with some motherboards that do require a BIOS update.
If this does not fix the problem, I would like to know the following:
CPU brand/model:
CPU Speed:
Total RAM:
RAM brand and type:
FSB speed:
Video Card:
Video Card Driver Version:
Video Card BIOS version:
Fast Write State:
Motherboard brand and model:
System BIOS revision:
Sound Card brand and model:
Sound card driver:
Operating System and version (the long number):
Operating System Build Number:
DirectX version (the long number):
If you fill out the above, please be as accurate as possible.