Time for a new laptop?

I have a MacBook Pro, about 8 years old now, and it seems to be overheating as I use it. Burnt my leg the other day, and now it's got some interesting red/blue/green striping across the bottom of the screen. How bad is this and is it getting dangerous?

Thinking of upgrading anyway since it's got some other issues bothering me as I'm trying to finish a degree.