So I removed the 5970 and as expected, the 7970 runs perfectly fine alone. Plug it back in and bam...dead. BTW, I had been running with both cards (1.2Gh/s) until last week when this problem started. The troubleshooting continues...
I'm actually at the point now where I've downloaded the source code and am considering debugging the damn thing myself lol
Update:
OK so I'm a little embarrassed to admit this but here goes. I was doing a little tweaking and I guess I somehow managed to delete the poclbm.cl file inside the cgminer folder. That file is of course the poclbm kernel. Suffice it to say that CGMiner doesn't like it when you delete the kernels
Anyhow I also rolled back to Catalyst 12.8 which is what allowed me to even discover my little blunder.
Happy Mining! (and don't delete your kernels)