There are a few posts around that say the same thing, certain newer zones the textures are all jacked up unril you go under water. I forget the fix, but I think it had something to do with replacing the RenderEffects files.
http://www.eqemulator.net/forums/sho...=RenderEffects
http://www.eqemulator.net/forums/sho...=RenderEffects
http://www.eqemulator.net/forums/sho...=RenderEffects
there's many more. Search for RenderEffects, gray/grey screen, graphics glitch, etc. Search is cool.