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What may be wrong with my tv?

My 27 inch Philips Magnavox color TV turns on with sound and will stay on but instead of a picture it has a rainbow colored screen and the little green light flashes fast by the on button behind the little window it's in. The TV is 6 yrs.old - Model#TS2744 C103. Serial#20011694.Chassis model #27B800-7562.Could you tell me what may be the problem and is it worth fixing?
Christine Wise, March 2006
The chassis has come apart and needs to be mended.

William, May 2006
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