Just thought I would drop in here to post an update about the problem.
I took the MBP into the service center and they took a shot at diagnosing by just checking the symptoms of the problem. They are pretty sure that it is a logic board problem and as of now are still looking into it. They estimated 4 weeks if they need to replace the logic board. Luckily this justified me buying a new iMac.
All is going well with it, but I am having an issue with Aperture after I restored the system from a Time Machine backup, everything else works great.