I remember once having a 15" CRT monitor where I could adjust the intensity of the R,G and B color components - if I tried to set the intensity too high, I would get bleeding of bright color components similar to what those two pictures show. Dunno the exact machanism, but I would guess that some of the circuitry in the monitor, when presented with a larger voltage than it is designed for, accumulates charge and then, when the voltage drops again, releases the charge - with the color bleeding to the right (following the direction in which the electron beam sweeps) as the result. So I'd say that the color bleeding sounds like a plausible result of signals being out of range.
Although, if you want to be 100% sure, have the card display a 100% white picture and probe its outputs with an oscilloscope or something.
Gamma correction should not affect the maximum signal level - it should, however, raise the signal level for the parts of the frame that do not already have extreme color values, thus potentially lifting a substantial amount of the scene out of the normal signal range and thus produce this color bleeding effect. If this is correct, a 100% black/white checkerboard pattern should look really crappy on your system regardless of gamma settings.