I ran Diablo 3, League of Legends, Skype, and Avast and had no blue screens. I left my computer idle all night and when I woke it up, there were no bluescreens. I am confident that this problem is now solved.
Lessons learned: Not all hardwared is compatible with windows 7. I have been told, "Any old Motherboard will do," but that is simply false. My asRock n61p-s did not work with windows 7. As soon as i switched my motherboard, the bluescreens stopped. So if anyone out there is having Blue screen errors with a Bccode of 124, hardware error, and you just can't figure out why, do all the recommended tests first, but check you motherboard manufacturers website to see if your motherboard supports windows 7. Thanks again everyone. Post solved.