I'm affected by the exact same bug. My system is Dell Optiplex SX270 with basic on-board Intel 865G graphics running Xubuntu Linux 12.04, environment XFCE.

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Usual fixes: use manufacturer's driver

There don't seem to be any manufacturer's Linux driver for my machine.

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play with the Window Draw mode settings in Blender's User Prefs

I've tried all five settings (including automatic) with no improvement.

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turn of eye candy window managers - compiz, kde4 desktop effects, transparent compositing stuff

I'm turned off the compositor in XFCE with no improvement.

I tried another modeller, Wings3D, on the same machine. Oddly, that bombs out when I try to access any texture functionality too. So it does seem to be a graphics driver/library problem not specific to Blender.

Luckily my little netbook will run Blender properly, but it's a bit painful trying to do graphics work on a little 1024x600 screen
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Damian Walker