Funny thing that, paranoid description... I was diagnosed BPD/PPD and I am still trying to figure out what the difference is between the "stress-related paranoid ideation" criteria from DSM-4 for BPD, and just plain paranoid personality.

Maybe it depends on the things you are paranoid about. Worrying that your friend is betraying you when you see them talking on the phone and can't hear them is BPDish. Worrying that the channel 6 news might be video taping your life is probably more just paranoid? Anyone else want to take a stab?

Anyway, either way, real paranoid psychosis (iirc) requires that you be completely unconvinced even in the face of evidence that your paranoid idea is false. Thus the 'transient' part of the BPD criteria. We can overcome our paranoia. So... can you overcome it? Does a small part of you know that your idea is just not logical?

As for hallucinations, well, even with depression its possible to have temporary psychosis. Never had them myself, but yes I have believed that the pizza guy put spiders on my food because they hate me ordering from them. Lovely world crazy can be.