I have my ATI drivers unmerged and kernel re-compiled, used ATI driver as module. NOW IT WORKS!!!!
I followed the following guide http://forums.gentoo.org/viewtopic-t-282983.html
but it is almost equal to http://gentoo-wiki.com/HOWTO_ATI_Drivers
the only difference was the unmerge of ATI-drivers.
My kernel is compiled as follows;
Device Drivers --> Graphics Support --> ATI Radeon driver support --> as module
Device Drivers --> Character Devices --> /dev/agpgart (AGP Support) --> as module
Device Drivers --> Character Devices --> ATI chipset support --> as module
Followed the normal steps of emerge ATI-drivers, setup of xorg.conf with fglrxconfig, adapted the xorg.conf manually and now it works fully! Apparently the problem was that the ATI-drivers were compiled into the kernel instead of using it as modules.
display: :0.0 screen: 0
OpenGL vendor string: ATI Technologies Inc.
OpenGL renderer string: RADEON X300 Generic
OpenGL version string: 1.3.5010 (X4.3.0-8.12.10)
THANKS, THANKS, THANKS for all help and input.