What is going on with my iPhone 4

Today out of nowhere, for no apparent reason my iPhone shut down and then the screen turned completely red! I did the hard reset procedure and it came back on but not long after shut back off. This happened 3 more times. After the 3rd time of it shutting off, it worked like normal for about an hour, but then again out of nowhere it shut off and this time the screen turned completely blue! I did a hard reset FOR LIKE THE 5th TIME and so far its working properly. Can someone Please help me figure out what's happening? I can't afford a new phone. Any help at all would be great!

Apple iphones comes with one year warranty. So if its still under warranty, better go to the nearest Apple show room and get it replaced (they will give you a new one for free ie, if its under warranty).
Otherwise search for stores which repair iphones unoficially.
Or maybe there's something wrong with the phone's system software. Try "google" and get your phone freshly installed.

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