I'm trouble shooting my PC because my video card just died and I'm getting some really weird behavior from the card I'm borrowing from a friend.  The voltages in the Bios read that the 12v is at 12.5 and that the 5v is at 4.5.  I installed the EVGA E-Leet software and it reports something completely different (see attached).  
 
So what are acceptable voltage readings?  Is my power supply slowing killing my video cards?

Software is never correct.  I never compared BIOS readings to my multimeter though.  But those voltages are too low - your PC probably wouldn't even boot with the 12v rails running at under 5v like that image shows.  You can pick up a $20 multimeter at The Home Depot for accurate measurements (or one of the more costly ones at Radioshack).

Yep, your mother board should have Voltage test points on the upper right hand corner. You just us a multi-meter to read the voltage.  Home Depot / Lowes have very inexpensive ones available.