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For some reason the "My Computer" icon on my desktop has fucked up colours - it looks positively 8-bit. Every other icon is fine. Any ideas what's wrong with the fucking thing?

No. Restore Default?
On XP (Right-click desktop -> Properties -> Desktop -> Customize Desktop -> Restore Default)

I searched for 'my computer icon corruption', and this is what I got:
link from 2000, lol
this makes me think you can do this with the My Comp key iteself

Finally, the most important (I think) of these links
Knowledgebase Article

Hope that helps!