MAJOR texture/rendering glitch

When I join one of my worlds or a multiplayer server, everything, literally everything starts going crazy. Textures become inverted, text becomes unreadable, all in the midst of a lot of flashing. Similar bug reports I've seen show the glitch only happening when a decoration block is held (unlike this glitch) or mipmap is on (unlike this glitch because it affects 1.6.4). It is very hard to explain in words, so I will take and add screenshots ASAP. Screenshots provided.