With respect to Win XP, there is an option to choose the refresh rate for your monitor 60Hz, 75Hz, and so on. Does this refresh rate make any difference on an LCD monitor?

Answer:
Yes.

But much less than it does for a CRT.

If you set the refresh rate really high then, if the LCD tries to match it, then you can actually break the liquid crystal molecules and destroy the panel. But that way above 75 Hz.

If you are running over a VGA connection then it can also make a difference. The monitor is sampling analog signals that changes in voltage for different video levels of red, green and blue. These signals take a certain amount of time to get to the right level, and then have to be sampled by the monitor before they change to the levels for the next pixel. The higher the refresh rate the faster the pixels are sent and the shorter the time for each pixel. Since the settling time is constant when you increase the refresh rate you can significantly reduce the time that the video signals are stable and need to be sampled by the monitor.

Add to that the fact that there’s no pixel clock information sent over a VGA signal, so the monitor has to make a best guess as to when to sample.

If the monitor starts sampling the signal at the wrong time then instead of sampling the signal when it is at the correct level it can begin sampling it when the signal is changing. This will cause jitter and shimmer in the image around sharp transitions - such as the edges of text.

So having a low refresh rate gives the monitor a superior chance of sampling a good signal.

Answer:
No.

LCD's use an individual pixel refresh as opposed to a full-screen refresh like CRT Monitors.

What you should be focusing on is the Response Time, which is what determines whether or not you will notice a screen tear or ghosting as the first poster mentioned.

Setting the Refresh rate to something other than the default of 60hz can cause issues with the LCD's operation but there is no difference in performance.

Answer:
Much of the discussion of refresh rate does not apply to the liquid crystal portion of an LCD monitor. This is because while a CRT monitor uses the same mechanism for both illumination and imaging, LCDs employ a separate backlight to illuminate the image being portrayed by the LCD's liquid crystal shutters. The shutters themselves don’t have a “refresh rate” as such due to the fact that they always stay at whatever opacity they were last instructed to continuously, and don’t become more or less transparent until instructed to produce a different opacity.
Answer:
yes, the refresh rate on the monitor determines how many FPS you'll get on games and videos and other applocations without horizontal tearing appearing

60Hz = 60fps

75Hz = 75fps

if you turn the VSYNC off on the monitor then you'll get higher FPS but notice the tearing when something moves horizontal across the screen

Answer:
LCD monitor don’t use refresh rate. Refresh rate was used for the older CRT Monitors, which you don't see much of today.