Hi,
My Wii has a Wiikey installed in it and is connected to my tv via a component cable, the problem i am having is that occasionally when playing a game the screen seems to loose all red color, this doesn't happen with just a single game but appears to be all that i play, most of the time after a while the color goes back to normal.
If i reset the Wii the menu is also missing the red color, to get the color back then i have to turn it off via the power button and restart it.
Below is a pic of what Mario Kart looks like (used my Tvs Freeze image to take it hence the "Still"), shouldn't Mario be Red? :p
Oh looks like you have a Samsung TV. If only I have a capture card...
Anyways make sure all of the component leads are correctly plugged in and are not loose. If the problem still persists then try another pair of cables.
If the problem STILL persists then it just simply means that your Wii's GPU is malfunctioning. Make sure to put the Wii in an open/cool place so that it does not overheat.
If the GPU needs to be repaired then you will need to call up Nintendo and ship it off to them for repairs.
TV is a Samsung 32" had it about 2.5 years cost a bit back then, 3 years warrenty with it so it might break soon ;)
Strange thing is though, when the console has been on a for a while and its warmed up everything goes fine and its outta warrenty anyway, got it day of release on preorder :) thats why i installed the modchip, did the same with my original xbox :D