Ok, so I've narrowed down the problem to be something with the power supply I'm using.
I tested the strand using an arduino and the Adafruit NeoPixel strand test sketch and I was getting the same random flashing of colors, I then tested it with the 5v out on the arduino itself and the LEDs performed normally (well, as many as the Ardunio could power). I need to get my hands on an ammeter to see what's happening, my guess is it's not supplying a constant current to the strip? I'm not exactly an electronics expert so this is all just guess work for now.