Whatever you'd like to call it...
I just purchased the game on Steam and I had issues with the game running too fast, sound out of sync and things like that but I managed to fix all those. Now the only problem I have that I cant fix is the graphics tearing and flashing. Giant sharp white objects all over the screen during the first 5 minutes of the game when I get to the first fight it's even worse.

Any help?

Read this thread on the Steam forums, you seem to be having the same problem.