Hardware Pixel artifacts on launch wii model. is it possible to fix or replace graphics chip?

[KentaZX]

I already have a new wii that Im using now, but back in September, I've noticed my childhood wii was giving out graphic/pixel artifacts no matter where or how I connect it. It was giving out those artifacts whether I connect it to an HDTV or my PVM with my component cable. I've also tested with composite cables as well and its the same results. I've read before that the graphics chip could be screwed/corrupted due to overheating. Does this mean the wii is dying basically? or is there ANY way to fix this at all? I just want to know before I put it away somewhere use it for parts if I need to in the future.