Since I downloaded Skyrim in December 2012 from Steam I have noticed that whenever I am completely submerged in water the screen goes entirely grey but returns to normal when out of water. This has become a particular problem when playing the Thieves Guild Questline in the quest in which the chamber fills with water. I am aware that others have experienced a similar issue due to the latest patch, however I have had this problem since I bought the game.

Is this problem due to patches or a graphics problem. I have tried changing the graphics in the game and have also tried uninstalling and re installing, both were ineffective.

Any help with this will be greatly appreciated.

Please post your GPU and driver version.

Why don't you update your video card drivers? What so bad in using newer drivers? Am not saying use the newest possible but anything after 2011 should be a good choice.